Four law firms in the race to advise LIC IPO

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To gain sufficient interest from potential bidders, DIPAM has relaxed some standards regarding the payment of fees, with the selected legal advisor now able to receive half of their fees after filing the Draft Red Herring Prospectus and the balance after filing. registration of LIC.

Four law firms, including Crawford Bayley and Cyril Amarchand Mangaldas, are in the running to act as advisor for the Life Insurance Corporation (LIC) mega-listing in the March quarter. The other two firms are Link Legal and Shardul Amarchand Mangaldas.

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Following insufficient demand received in the first call for tenders (RFP), the Department of Investment and Public Asset Management (DIPAM) had recently launched a new call for tenders to select a legal advisor for the IPO of the insurance giant.

To gain sufficient interest from potential bidders, DIPAM has relaxed some standards regarding the payment of fees, with the selected legal advisor now able to receive half of their fees after filing the Draft Red Herring Prospectus and the balance after filing. registration of LIC.

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Previously, the successful bidder was only expected to receive the advisory fee after the transaction was successfully completed. The four shortlisted law firms will make their presentations at DIPAM on Friday.

LIC’s mega IPO is expected to be completed in the current fiscal year. Analysts say a sale of 10% of LIC’s stake could earn the government something between Rs 80,000 and 100,000 crore, which is crucial to meeting the FY22 divestment target.

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