Centre invites bids from law firms for LIC IPO
The government has for the second time invited bids from law firms to advise it on the mega initial public offering of LIC.
On July 15, the government had floated request for proposal (RFP) inviting bids from reputed legal advisors and the last date for bidding was August 6.
However, the RFP did not receive sufficient response.
The Department of Investment and Public Asset Management (DIPAM) on Thursday came out with the second RFP for appointing legal firms, who have to bid in consortium with an international firm, and the last date for bidding is September 16.
"Considering insufficient demand received in the first RFP, it has been decided to issue a fresh RFP," DIPAM said.
In the RFP, DIPAM said it requires the services of reputed law firms with experience and expertise in initial/further public offerings in capital markets to act as legal advisors and to assist the government in the process of listing of LIC.
"The domestic law firm will act as the legal adviser to the transaction and should submit proposal in consortium with an international law firm of repute, with similar experience and expertise in public offerings in capital markets," DIPAM said.
DIPAM had invited bids from merchant bankers too for LIC on July 15, and 16 firms had put in bids.
Following that, DIPAM last week shortlisted 10 merchant bankers, including Goldman Sachs Group Inc, JPMorgan Chase & Co, ICICI Securities Ltd, Kotak Mahindra Capital Co, JM Financial Ltd, Citigroup Inc and Nomura Holdings Inc, among others for managing the LIC IPO.