FinMin seeks advisors for LIC IPO

Over 6 per cent gains in Reliance Industries and rise in blue-chip financials helped Sensex and Nifty-50 hit three-month high levels. The Sensex gained 523.68 points or 1.53 per cent, closing at 34,731.73 while the Nifty-50 gained 152.75 points or 1.51 per cent, closing at 10,244.40.

Reliance Industries contributed almost half of the gains in the benchmarks as it closed at new all time high of Rs 1759.50 up 6.23 per cent on BSE, earlier the stock hit life time high of Rs 1788.60 as it became debt free after raising Rs 1.69 lakh crore ($22.2 bn) via stake sales in its digital unit and a share sale over the past two months. RIL had previously set a target to clear its net debt of just over $21 bn by year-end.

"I have fulfilled my promise to the shareholders by making Reliance net debtfree much before our original schedule of March 31, 2021," said Mukesh Ambani, chairman, RIL.

RIL’s market capitalisation hit a new high of Rs 11.15 lakh crore as it gained close to Rs 50,000 crore in Friday’s rally.

Other big contributors to the rally were Bajaj Finserv (8.62 per cent), Bajaj Finance (6.74 per cent), ICICI Bank (3.38 per cent), Axis Bank (2.86 per cent) and SBI (2.46 per cent).

New Delhi, June 19: Kickstarting the process of LIC disinvestment, the finance ministry on Friday invited bids from consulting firms, investment bankers, and financial institutions for advising it on the proposed initial public offering.

The government proposes to engage up to two preIPO transaction advisors, for assisting the Department of Investment and Public Asset Management (Dipam) in the preparatory processes for the initial public offering (IPO) of Life Insurance Corporation of India (LIC), tipped to be the largest IPO in the country.

The advisors can submit their bids beginning Friday, till July 13. The bids would be opened on July 14.

—PTI