{"id":19446,"date":"2022-01-30T20:52:57","date_gmt":"2022-01-30T15:22:57","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-lic-ld-md\/"},"modified":"2022-01-30T21:40:31","modified_gmt":"2022-01-30T16:10:31","slug":"biz-lic-ld-md","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-lic-ld-md\/","title":{"rendered":"Govt extends tenure of IPO-bound LIC&#8217;s chairman for 1 year"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1204831757\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>       New Delhi, Jan 30 (PTI) The government has extended the tenure of chairman of IPO-bound Life Insurance Corporation (LIC) by one more year with a view to facilitating smooth listing of the insurance behemoth, sources said.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3577940167\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>        Besides, the government has also extended the tenure of one of the managing directors, Raj Kumar, for one year. Raj Kumar was to retire on January 31.<\/p>\n<p>        With the extension, M R Kumar will continue as chairman of LIC till March 2023, the sources said.<\/p>\n<p>        Notifications in this regard would be issued soon, the sources said.<\/p><div class=\"trade-content_5\" id=\"trade-1337742084\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>        This is the second extension for the LIC chairman. Last year in June, he was given a nine-month extension in view of LIC&#8217;s proposed initial public offering towards the end of the current financial year.<\/p>\n<p>        The government had extended the term of M R Kumar from June 30, 2021, till March 13, 2022, the date when he completes three years, the sources said.<\/p>\n<p>        The government is looking to list LIC during the current financial year in line with the Budget announcement.<\/p>\n<p>        In her Budget Speech, Finance Minister Nirmala Sitharaman had said the initial public offering (IPO) of LIC will be floated in 2021-22 as part of the ambitious Rs 1.75-lakh crore disinvestment target.<\/p>\n<p>        The government owns 100 per cent stake in LIC. Once listed, it is likely to become the country&#8217;s biggest company by market capitalisation with an estimated valuation of Rs 8-10 lakh crore.<\/p>\n<p>        Meanwhile, the government has significantly increased the authorised capital of LIC to Rs 25,000 crore from Rs 100 crore to facilitate the listing.<\/p><div class=\"trade-content-10\" id=\"trade-1347769442\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>        Last week, LIC reported a profit after tax of Rs 1,437 crore for the first half of the financial year 2021-22 as compared with Rs 6.14 crore in the year-ago period.<\/p>\n<p>        Its new business premium growth rate stood at 554.1 per cent in H1FY22, compared with 394.76 per cent during the corresponding period of the preceding financial year.<\/p>\n<p>        The overall total net premiums increased Rs 1,679 crore to Rs 1.86 lakh crore during April-September 2021, from Rs 1.84 lakh crore in the year-ago period.<\/p>\n<p>        The state-owned insurer reported a jump of Rs 17,404 crore in overall premiums and income from investments grew to Rs 3.35 lakh crore in the April-September 2021 period.<\/p>\n<p>        The overall income from investments grew Rs 15,726 crore to Rs 1.49 lakh crore in H1FY22.<\/p>\n<p>        Income from interest, dividends and rent (gross) grew to Rs 10,178 crore in H1FY22. Income from profit on sale\/redemption of investments increased to Rs 10,965 crore.<\/p>\n<p>        LIC&#8217;s share capital has been increased to Rs 6,325 crore in H1 FY22 on the eve of its IPO. PTI DP ANZ MR   MR<\/p>\n<div class=\"trade-after-content\" id=\"trade-1520029310\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, Jan 30 (PTI) The government has extended the tenure of chairman of IPO-bound Life Insurance Corporation (LIC) by one more year with a view to facilitating smooth listing of the insurance behemoth, sources said. Besides, the government has also extended the tenure of one of the managing directors, Raj Kumar, for one year. [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,1516,31],"tags":[],"class_list":["post-19446","post","type-post","status-publish","format-standard","hentry","category-corporate-action","category-ipo","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Govt extends tenure of IPO-bound LIC&#039;s chairman for 1 year - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-lic-ld-md\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt extends tenure of IPO-bound LIC&#039;s chairman for 1 year\" \/>\n<meta property=\"og:description\" content=\"New Delhi, Jan 30 (PTI) The government has extended the tenure of chairman of IPO-bound Life Insurance Corporation (LIC) by one more year with a view to facilitating smooth listing of the insurance behemoth, sources said. Besides, the government has also extended the tenure of one of the managing directors, Raj Kumar, for one year. 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Besides, the government has also extended the tenure of one of the managing directors, Raj Kumar, for one year. 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