IndiaInsurance
17th November 2010, 07:45 AM
Had it not been for a timely Rs 11,000-crore bailout by the country’s largest insurer , the Life Insurance Corporation of India (LIC), the government’s divestment programme for the last fiscal would have been a disaster.
LIC invested Rs 10,817 crore in public sector floats last year, accounting for more than 43% of the Rs 25,000 crore raised by the government from four share issues, according to finance ministry statistics tabled in Parliament.
A large portion of the amount was pumped in to save the follow-on offers of NMDC (http://economictimes.indiatimes.com/nmdc/stocks/companyid-11633.cms) and NTPC, where LIC subscribed around 63.72% and 49.48%, respectively.
More... (http://economictimes.indiatimes.com/personal-finance/insurance/analysis/Govt-owes-its-disinvestment-programmes-success-to-LIC/articleshow/6939004.cms)
LIC invested Rs 10,817 crore in public sector floats last year, accounting for more than 43% of the Rs 25,000 crore raised by the government from four share issues, according to finance ministry statistics tabled in Parliament.
A large portion of the amount was pumped in to save the follow-on offers of NMDC (http://economictimes.indiatimes.com/nmdc/stocks/companyid-11633.cms) and NTPC, where LIC subscribed around 63.72% and 49.48%, respectively.
More... (http://economictimes.indiatimes.com/personal-finance/insurance/analysis/Govt-owes-its-disinvestment-programmes-success-to-LIC/articleshow/6939004.cms)