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| LIC not lifebuoy for PSU issues Fri, 19 Mar 2010 22:16:28 GMT |
| The Economic TImes LIC not lifebuoy for PSU issues: Divestment secy 20 Mar 2010, 0346 hrs IST, Supriya Shrinate & Soma Banerjee, ET Bureau Topics:LIC PSU Life Insurance Corporation Sumit Bose Divestment Secretary NEW DELHI: The government defended the “bailout” of recent PSU stake sales by Life Insurance Corporation of India (LIC), saying it bid for those shares to boost returns for policyholders rather than to shore up state finances, said a bureaucrat set to lead such sales. The muted response of institutional and retail investors during the recent stake sales by the government has taught lessons that would be the bedrock of the government’s disinvestment strategy next fiscal year, he said. “LIC takes its decisions based on commercial factors,” disinvestment secretary Sumit Bose told ET Now in an interview. “It bid for REC as well, but it was outbid by other institutions. But LIC’s equity drive is not just for public sector companies. It is a big investor in IPOs of private companies as well.” ( Read Full Interview |
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