India Seeks Advisers to Help Biggest Insurer Prepare for IPO

(Bloomberg) -- India is seeking advisers to help Life Insurance Corp. prepare for an initial share sale.

The advisers will help evaluate the capital structure of India’s biggest insurer as well as aid the company in reworking its financial statement, according to a tender document on the government’s website.

Prime Minister Narendra Modi’s government is keen to go ahead with the initial public offering -- potentially India’s biggest -- to help plug a widening budget gap. The pandemic has prompted the administration to boost market borrowing as revenue slumped following a nationwide lockdown.

Changes to a law and a buy-in from employees’ unions are some of the preparatory work needed for selling a stake in LIC.

Read: Aramco-Like Mammoth IPO Proposed for India’s Biggest Insurer

Potential advisers have to bid by July 13.

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