Revised IPO guidelines soon for insurance firms: IRDAI
23/05/2016 13:20
Revised IPO guidelines will be issued soon for insurers as some of them are keep to tap this route, regulator IRDAI Chairman T S Vijayan said while pegging the total foreign investment in sector at Rs 15,000 crore in the last one year due to increase in FDI limit, reported PTI. Vijayan said the total investment of of more than Rs 15,000 crore has come to India in various forms - mostly equity - since the passage of the Insurance Laws (Amendment) Bill last year. The bill, passed in March 2015, raised the foreign investment cap in the sector from 26 per cent to 49 per cent. Addressing a press conference here, Vijayan said there may be some more investments in the pipeline. On regulations for IPOs by insurance companies, he said the Insurance Regulatory and Development Authority of India (IRDAI) may bring in some changes in the guidelines for the companies wanting to dilute equity. "I am not very sure. I think there are one or two companies wanting to go for IPO. I do not know whether they have applied for clearance I do not know," Vijayan said when asked about the names of the companies that are planning to go for equity dilution. "We started working on some changes in the existing norms for IPO. In a month or so we will come out with those norms," he explained. HDFC Standard Life recently announced plans to launch its Initial Public Offer (IPO) wherein parent HDFC Ltd would sell 10 per cent stake. Besides, ICICI Prudential also plans to launch an IPO.
23/05/2016 13:20
