LICI

Feb 20 (Reuters) - Cipla Ltd CIPL.NS:

• LIC RAISES STAKE IN CIPLA TO 9.091% FROM 7.055% BETWEEN NOV AND FEB- FILING

Source text: ID:nBSE3SBW2S

Further company coverage: CIPL.NS

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Feb 5 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• LIFE INSURANCE CORP Q3 PAT 129.58 BILLION RUPEES

• LIC Q3 NET PREMIUM INCOME 1.26 TRLN RUPEES

• LIC 9-MTHS FY26 VNB MARGIN AT 18.8%

Further company coverage: LIFI.NS

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Adds details from paragraph 2-9

By Nikunj Ohri

NEW DELHI, Feb 2 (Reuters) - The Indian government is holding inter-ministerial consultations to raise the limit on foreign direct investment in state-run banks to 49% from 20%, India's financial services secretary M Nagaraju told reporters on Monday.

Foreign interest in India's banking industry is on the rise as evidenced for instance by Dubai-based Emirates NBD's ENBD.DU $3 billion purchase of a 60% stake in private RBL Bank RATB.NS.

Currently, India allows 74% foreign investment in private banks but limits shareholdings of any single foreign institution to 15% unless the Reserve Bank of India grants an exemption.

The Asian nation plans to more than double current limits of direct foreign investment in state-run banks, Nagaraju said. Raising the foreign ownership limit will help them gain more capital in the coming years, Reuters reported last year.

Separately, India's state-run banks will launch qualified institutional placement (QIP) of shares worth about 500 billion rupees ($5.46 billion) in the fiscal 2026-27 year (April-March), more than the planned 450 billion rupees in the current fiscal year, Nagaraju said.

He was speaking to reporters in New Delhi a day after Finance Minister Nirmala Sitharaman presented the nation's annual budget .

New Delhi may also launch an offer next year to sell a portion of its stake in the insurance behemoth Life Insurance Corporation LIFI.NS, he added.

The Indian government will also get financial bids for IDBI Bank IDBI.NS this month, Nagaraju said.

The government, which owns 45.48% in IDBI Bank, and state-owned LIC which holds 49.24%, together plan to sell 60.7% of the lender. IDBI Bank had to be rescued by the state-owned insurer in 2019 after a surge in bad loans at the lender.

($1 = 91.6350 Indian rupees)

(Reporting by Nikunj Ohri; Writing by Tanvi Mehta; Editing by Sonali Paul and Raju Gopalakrishnan)

(([email protected];))

By Gopika Gopakumar and Nikunj Ohri

MUMBAI, Jan 30 (Reuters) - India's federal government has set a February 5 deadline for financial bids for IDBI Bank IDBI.NS as it looks to divest a majority of its holding in the lender, according to two sources familiar with the matter.

The deadline has been communicated to bidders who are eligible for bidding, suggesting that the process of disinvestment in IDBI Bank has entered its final phase.

The central bank had approved Fairfax Financial Holdings, Emirates NBD and Kotak Mahindra Bank KTKM.NS as eligible bidders in 2024, Reuters had previously reported. The divestment process has been underway since then, with the government trying to finalize the details of the stake sale process.

The government had earlier said that it hoped to complete the stake sale process, which began in 2022, by March 2026.

The government, which owns 45.48% in IDBI Bank, and state-owned Life Insurance Corporation of India LIFI.NS which holds 49.24%, together plan to sell 60.7% of the lender.

As part of the stake sale, the successful bidder will be allowed to rename the bank, a separate source familiar with the process said.

IDBI Bank had to be rescued by the state-owned insurer in 2019 after a surge in bad loans at the lender.

An email sent to the federal finance ministry, under which the divestment process falls, was not immediately answered.

(Reporting by Gopika Gopakumar in Mumbai and Nikunj Ohri in New Delhi; Editing by Anil D'Silva)

(([email protected]; +91-9833024892;))

Jan 27 (Reuters) - Bajaj Finance Ltd BJFN.NS:

• LIC HAS SUBSCRIBED 512,000 DEBENTURES AMOUNTING TO 51.20 BILLION RUPEES OF BAJAJ FINANCE

Source text: ID:nBSE864q1k

Further company coverage: BJFN.NS

(([email protected];))

By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, Jan 21 (Reuters) - Indian billionaire Gautam Adani's power company plans to raise 75 billion rupees ($823.7 million) in the group's biggest-ever rupee bond sale later this week, according to two merchant bankers.

Adani Power ADAN.NS aims to raise the funds through multiple-tranche issues with two- to five-year maturities, the bankers told Reuters on Tuesday, adding that the company has invited bids on Friday.

It will pay a coupon of 8.00% and 8.20% on the two- and three-year bonds, and 8.30% and 8.40% on the four- and five-year papers. The coupon will be paid out on a quarterly basis.

Adani Power is looking to raise 28.60 billion rupees through the two-year option and 26.90 billion rupees through the three-year note. It expects to raise 6.75 billion rupees and 12.75 billion rupees through the four- and five-year papers, respectively.

Proceeds will be used for capital expenditure, working capital purposes, repayment or prepayment of existing debt and general corporate purposes, the bankers said, requesting anonymity as they are not authorised to speak to the media.

Adani Power did not reply to a Reuters email seeking comment.

Some large mutual funds will act as anchor investors for the issue, which is expected to draw strong demand from other funds and banks, the bankers said.

The bonds are rated 'AA' by Crisil and India Ratings, with the coupons set to step up by 25 basis points for every notch rating downgrade.

Earlier this financial year, another group company, Adani Ports and Special Economic Zone APSE.NS, raised 50 billion rupees by placing 15-year bonds directly with Life Insurance Corporation of India LIFI.NS.

($1 = 91.0540 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sonia Cheema)

(([email protected];))

Jan 19 (Reuters) - Hindustan Unilever Ltd HLL.NS:

• LIC RAISES STAKE IN HINDUSTAN UNILEVER TO 6.740% FROM 4.731% - EXCHANGE FILING

Source text: ID:nBSE4MCpS9

Further company coverage: HLL.NS

(([email protected];))

Dec 29 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• GETS TAX DEMAND OF 10.4 MILLION RUPEES, WITH INTEREST OF 7 MILLION RUPEES, PENALTY 1 MILLION RUPEES

Source text: ID:nBSEb9012k

Further company coverage: LIFI.NS

(([email protected];))

Nov 28 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• NBCC - LIC CUTS STAKE IN CO TO 4.48% FROM 6.55%

Source text: ID:nBSE8FTcqz

Further company coverage: LIFI.NS

(([email protected];;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Oct 24 (Reuters Breakingviews) - India's largest companies are struggling to fit in, quite literally. Officials are easing rules on minimum free floats and offer sizes to smooth the way for big initial public offerings. It bridges a gap between a requirement for capital formation and what the market can absorb, but it comes at a cost to governance.

The Securities and Exchange Board of India last month said issuers valued at more than 5 trillion rupees ($56.8 billion) can offer stock worth as little as 150 billion rupees ($1.7 billion) in their public debuts and 1% of their post-issue market capitalisation, down from 5% earlier. It also gave issuers up to 10 years to raise their minimum public shareholding to 25%, effectively doubling the previous timeline.

Reliance Industries' RELI.NS telecom unit Jio and the National Stock Exchange, both in the queue to list, will be among the top beneficiaries. It extends to them what was originally an exemption granted to Life Insurance Corporation LIFI.NS for the state-controlled giant's bumper $2.7 billion listing in 2022.

The changes come at a time India's primary market is booming. One-billion-dollar plus offerings like those this month by LG Electronics India LGEL.NS and shadow lender Tata Capital TATC.NS are increasingly frequent. With IPOs worth $16 billion this year, per Dealogic, India is the world's third largest market for debuts and issuance is poised to exceed last year's record; Citigroup expects IPO volumes to hit up to $20 billion through the next 12 months.

Yet despite annual net inflows into the stock market of over $80 billion from domestic institutions and individuals, there is a lack of confidence among officials, issuers and bankers on the market's ability to absorb larger deals; Hyundai Motor India's HYUN.NS 279 billion Indian rupee ($3.18 billion at current rates) deal in 2024 is the country's largest IPO to date.

If India is loosening the rules to allow big companies to go public, it should strengthen other guardrails to protect minority investors that could be hurt by a low free float. Hong Kong-based Asian Corporate Governance Association disagreed with SEBI's proposal to extend the minimum free float timeline and recommends mandating at least 50% independent board directors for firms with a less than 25% public holding as well as time-bound roadmaps for dilution. Easier rules call for a tighter leash.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

India will log $8 billion in initial public offerings during the final quarter of 2025, Reuters reported on October 1, citing investment bankers.

The Securities and Exchange Board of India on September 12 allowed companies worth at least 5 trillion rupees to offer as little as 150 billion rupees of stock to the public and at least 1% of the post issue market capitalisation, down from 5% earlier.

They will have five years to achieve a minimum public shareholding of 15% and another five years to take it to 25%, the markets regulator said. Companies of that size earlier had only five years to reach the 25% level.

(Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to add conversion of Indian rupee into US dollar in the second paragraph.

By Shritama Bose

MUMBAI, Oct 16 (Reuters Breakingviews) - All that glitters isn't gold when it comes to India's richest man. When Mukesh Ambani lists his telecom business in Mumbai next year, it will be a blockbuster event for the country's capital markets but it also will crystallise underwhelming returns for the world's biggest tech companies, private equity firms and sovereign wealth funds who backed his consumer unit in 2020. It heralds a reset of how foreigners view tycoons and competition in the country.

Five years ago when the Covid pandemic was shaking the world, Ambani's conglomerate Reliance Industries RELI.NS sold 1.5 trillion rupees ($16.99 billion) of stock in Jio Platforms to investors led by Meta Platforms META.O, KKR KKR.N and Saudi Arabia's Public Investment Fund; the flood of funds into India at the time was so large it caused a spike in foreign direct investment.

At 5.16 trillion rupees including debt, or $59 billion at current exchange rates, the landmark fundraising valued Jio's enterprise at 23 times its EBITDA, a multiple twice its nearest rival Sunil Bharti Mittal's Bharti Airtel and one reminiscent of a fast-growing technology startup.

Part of the hype was justified. The telecom unit Ambani founded in 2016 rose quickly by launching a bruising price war and was given a wide berth by India's competition authorities. Jio became the country's top provider of mobile services and helped to push down data tariffs to the lowest in the world. It even accelerated the bankruptcy of Reliance Communications RLCM.NS, led by Ambani's brother Anil. By the time Ambani welcomed outside investors, India's telecoms market had shrunk to a quasi-duopoly with a joint venture between Britain's Vodafone VOD.L and Kumar Mangalam Birla as a weak third player.

Fast forward and Jio had 498 million voice and data customers as of June 30 . Yet while this consumer business within Ambani's oil-to-retail conglomerate has continued to grow, it also has failed to live up to expectations in some striking ways.

Five years on from its fundraising, Jio's enterprise, including net debt, is valued at 10.6 trillion rupees, based on an average estimate of six brokers. That is nearly twice the value investors assigned it in 2020 or equivalent to an annualised return of nearly about 15%, one percentage point more than the annualised gross return of the MSCI India Index over a five year period. Private equity investors typically target returns of 20% and much higher in India.

Measured a different way, Jio's potential return could be even lower. The enterprise is worth just 8.7 trillion rupees if it is valued on 10 times its EBITDA, the same multiple Bharti Airtel commands. At that valuation, Jio would hand its backers including KKR, Silver Lake and TPG, an annualised return of just over 10%.

One problem is that Jio does not look like a "next generation technology platform". In 2020, Jio talked up a dazzling list of investments across its "digital ecosystem" including in "smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain". Although Jio doesn't have legacy 3G infrastructure to manage like its rivals, it still makes 87% of its revenue and 94% of its EBITDA from its basic communications unit Reliance Jio Infocomm RELJ.NS rather than from digital services, per CLSA analysts.

What's more, Jio's customers spend less than Airtel's. Average revenue per user has grown 60% over the last five years to 209 rupees ($2.37) but that lags the 250 rupees Airtel's India users churn out. Airtel's EBITDA margin for India and South Asia is also higher than Jio's by a staggering 770 basis points and its current offerings in cloud and artificial intelligence services closely mirror its challenger's.

Nor does Jio appear to have delivered on its strategic ambitions. Meta's Facebook pumped $6 billion in for a 10% stake but Ambani - whose Reliance conglomerate is also the owner of India's biggest retailer - did not lure millions of small grocers to transact on the payments system on WhatsApp, the U.S. company's social messaging platform - as was widely expected.

The rise of quick-commerce operations by Prosus-backed Swiggy SWIG.NS and Zomato-owner Eternal ETEA.NS killed Reliance Retail's 2022 attempt to enable grocery shopping through the messaging app. Similarly, Alphabet's Google GOOGL.O invested $4.5 billion in Jio but demand for the low-cost smartphone the duo launched in 2021 was weak; the telecom operator's wide reach didn't guarantee it a market.

Ambani's backers underestimated the strength of competition in India. They would have been better off if they had backed Bharti Airtel. Its shares have returned roughly 40% annually, including dividends, since 2020, significantly more than Jio looks set to deliver. Google enjoyed some of those spoils by hedging its bets: In 2022 it invested up to $1 billion in Jio's rival.

If Jio's returns are underwhelming, crystallizing them will be tough too. Ambani will need to launch one of India's largest initial public offerings. If 5% of the company's outstanding shares swap hands at a $120 billion valuation, Jio's bankers would need to find new owners for $6 billion of stock. That would be far too much for India's capital markets to swallow: Hyundai Motor India's HYUN.NS 279 billion rupee offering in 2024 remains the country's largest IPO, followed by Life Insurance Corporation's LIFI.NS 210 billion rupee deal in 2022.

Ambani could offer half the amount of stock or roughly $3 billion, using new rules from the Securities and Exchange Board of India but that would leave financial investors with billions of dollars of investments in Jio waiting for an exit; strategic investors, who may be willing to sit on their positions, bought about half of the $17 billion Jio initially raised.

Some of Jio's backers may still conclude that the investment was worth it. The dominance of family-led businesses in India often means that striking partnerships is increasingly seen as a matter of survival rather than choice for global companies and a way to protect themselves in the market. Global asset manager BlackRock BLK.N and China-founded online fast-fashion Shein are among others who are partnering with Ambani.

Yet an underwhelming payoff from Jio will strengthen the case for more scrutiny when foreign investors choose their local alliances in the future.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

Reliance Industries will list its telecommunications unit by mid-2026, Chair Mukesh Ambani said at the conglomerate's annual shareholder meeting on August 29. "We are aiming to list Jio by the first-half of 2026, subject to all necessary approvals," he said.

Jio Platforms is targeting India's largest-ever initial public offering, IFR reported on September 5, citing unnamed bankers.

(Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

Rewrites throughout, adds analyst comments in paragraph 3

By Vivek Kumar M and Kashish Tandon

Oct 14 (Reuters) - LG Electronics India LGEL.NS soared 53.4% in its trading debut on Tuesday, overtaking its South Korean parent's market value, as investors bet big on its manufacturing and retail ambitions in the country, fuelled by a surge in consumer demand.

Policy support, including India's recent tax cuts on consumer goods such as refrigerators and televisions, and a dovish central bank stance are expected to lift near-term growth for appliance makers.

The listing - the strongest for a billion-dollar IPO in India since 2021 - coincides not only with India's festive season, when spending peaks, but also comes amid a busy primary market, where favourable policies are driving a fundraising boom set to surpass last year's record $20.5 billion.

Consumption is "where LG has gotten a better response compared to other IPOs that are currently in the market", said Deven Choksey, managing director at DRChoksey FinServ.

The blockbuster $1.3 billion offering opened for bids around the same time as the year's largest IPO Tata Capital TATC.NS and office working space major WeWork India's WEWO.NS listing.

However, while LG's IPO was fully subscribed within hours of opening, attracting bids worth nearly $50 billion, both Tata Capital and WeWork logged muted demand across investor segments.

On listing day, the former rose only 1.4%, while the latter fell 3%.

"After a long time, we're seeing a genuinely strong IPO in the consumer space — solid fundamentals, reasonable valuations and sector-leading growth prospects," said Dhiraj Relli, managing director and CEO of HDFC Securities.

The country's second-biggest appliance maker has begun construction of its $600 million-manufacturing facility - its third in India - with plans to convert India into a global export hub, hugely underpinning the investor enthusiasm.

LG Electronics India's shares closed 48.2% higher at 1,689.9 rupees, after listing at 1,710.10 rupees - well above the issue price of 1,140 rupees.

The company notched a valuation of around $13 billion, surpassing its $8.73 billion target and the roughly $9 billion market value of its parent LG Electronics 066570.KS.

The IPO was a pure offer-for-sale, with the parent offloading 15% of its stake as it defends its margins in its core TV and appliance businesses from fierce Chinese competition.

Qualified institutional buyers had bid 166.5-fold their quota, while non-institutional and retail investors had subscribed 22.4 times and 3.54 times, respectively.

Institutional investors are unlikely to be satisfied with the current 5 billion–6 billion rupee allocation, Relli said, adding that they will be forced to participate aggressively beyond the listing to achieve reasonable sizing.

At least five brokerages initiated coverage on the firm, with price targets between 1,700 to 1,800 rupees.

($1 = 88.7680 Indian rupees)

(Reporting by Kashish Tandon, Vivek Kumar, Chandini Monnappa and Mridula Kumar; Editing by Janane Venkatraman)

(([email protected], [email protected]))

Adds details in paragraphs 2-9

NEW DELHI, Sept 22 (Reuters) - The Indian government is planning to sell minority stakes in about half a dozen state-run companies, divestment secretary Arunish Chawla told television channel CNBC-TV18 on Monday.

Chawla did not disclose which companies will be considered for the sale of stakes, but Reuters has previously reported that India has plans to sell shares in five public sector banks including UCO BankUCBK.NS and Bank of MaharashtraBMBK.NS.

India also has to reduce its shareholding in the country's largest insurer, Life Insurance Corporation of India LIFI.NS, to meet the market regulator's minimum public shareholding norms.

Chawla said the government will make an initial public offering (IPO) of a state-run firm in the natural resources sector in the current financial year. The IPO could be of a state-run company or their subsidiaries, he added.

Chawla did not name the company, but ONGC ONGC.NS and NHPC NHPC.NS have been exploring listing of their green arms, ONGC Green Energy and NHPC Renewable Energy, respectively.

Minority stake sales and IPOs will help boost divestment proceeds for the government. India plans to raise 470 billion rupees through stake sales and asset monetisation in the current financial year through March 31, 2026.

India's receipts from dividends it receives from public sector companies would exceed its projected target, Chawla said. India has estimated 690 billion rupees ($7.83 billion) through dividends from state-run firms in the current financial year.

($1 = 88.1363 Indian rupees)

(Reporting by Nikunj Ohri, Editing by YP Rajesh & Shri Navaratnam)

(([email protected]; https://twitter.com/TanviMehta710;))

Sept 5 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• LIC - ANTICIPATES A NOMINAL IMPACT OF LESS THAN 0.5% ON OUR EMBEDDED VALUE DUE TO GST CHANGE

• LIC - CONFIDENT GST RELIEF WILL BOOST BUSINESS VOLUMES, VNB, ALIGNING WELL WITH CORPORATION’S OBJECTIVE

Source text: [ID:]

Further company coverage: LIFI.NS

(([email protected];))

MUMBAI, Aug 24 (Reuters) - India's markets regulator has approved Life Insurance Corporation's request to be reclassified as a public shareholder in IDBI Bank IDBI.NS, LIC said in a stock exchange filing on Sunday, paving the way for a strategic sale in the lender.

India has completed due diligence for the stake sale of IDBI Bank and plans to invite financial bids between October and December, the country's divestment secretary said earlier this month.

The government, which owns 45.48% in IDBI Bank, and state-owned Life Insurance Corporation of India LIFI.NS, which holds 49.24%, together plan to sell 60.7% of the lender. The sale process was first announced in 2022.

Reuters has reported that interested buyers include Emirates NBD and Canadian billionaire Prem Watsa.

LIC was previously classified as a promoter shareholder in IDBI Bank, a status it acquired after taking control of the lender in 2019.

As a promoter, LIC had board representation and strategic influence over the bank’s operations. The reclassification strips LIC of those rights, aligning its role with that of a financial investor.

The Securities and Exchange Board of India (SEBI) granted the approval on the condition that LIC does not exercise control or have board representation, and limits its voting rights to 10%, according to separate filings by the insurer and the bank.

LIC must also reduce its stake to 15% or below within two years of the bank's reclassification, the filings said.

The sale is targeted for completion within the current fiscal year, Arunish Chawla, secretary of the Department of Investment and Public Asset Management has said.

Shares of IDBI Bank are up nearly 25% so far this year.

(Reporting by Swati Bhat; Editing by Lincoln Feast.)

(([email protected]; x.com/swatibhat22;))

** Shares of Life Insurance Corporation Of India LIFI.NS rise 3.9% to 919.25 rupees

** Life insurance company's Q1 profit after tax rose 5% Y/Y to 109.87 bln rupees ($1.3 bln)

** Q1 net premium income rose nearly 5% to 1.19 trln rupees; VNB margin rose to 15.4% from 13.9% a year ago

** JP Morgan expects LIFI to post VNB growth of 22% Y/Y on a full-year basis

** Macquarie says LIFI's management continues to target Y/Y improvement in margin given the potential for further improvement in non-par mix

** Brokerage Emkay said Y/Y improvement in VNB margins was led by increased share of non-par products and improvement in product level margins

** LIFI up ~3% YTD

($1 = 87.5140 Indian rupees)

(Reporting by Vijay Malkar)

(([email protected];))

Rewrites paragraph 1, adds details on value of new business and margins in paragraph 6 and 8

Aug 7 (Reuters) - Life Insurance Corporation of India LIFI.NS reported a 5% rise in first-quarter profit on Thursday, helped by higher premiums from renewed policies, while its margins expanded due to an improvement in its product mix.

Profit after tax for the country's biggest insurer rose to 109.87 billion rupees ($1.26 billion) for the quarter ended June 30 from 104.61 billion rupees a year earlier.

The insurer's net premium income rose nearly 5% to 1.19 trillion rupees, helped by a 6% rise in its renewal premium collection.

LIC has been focusing on increasing its share of high-margin policies, including launching new policies. The share of high-margin non-participating policies in LIC's product mix rose to 30.34% from 23.94% a year earlier.

Peers such as ICICI Prudential Life Insurance ICIR.NS and SBI Life Insurance SBIL.NS have struggled to keep margins intact over the past few quarters, but reported margins rose in the June quarter as demand for low-margin market-linked products slowed.

The value of new business (VNB), which measures expected profit from new premiums, rose 20.75% year-over-year in the reporting quarter.

The VNB margin rose to 15.4% from 13.9% a year ago.

LIC's new retail policy sales were subdued due to new regulations implemented earlier in October, which reduced the charges policyholders paid if they closed their policies before maturity. However, group business saw strong growth.

Its annualised premium equivalent (APE) sales, which is the annualised total value of all single- and recurring-premium policies, rose 9.45% aided by a 16% rise in group APE.

Solvency ratio, the measure of an insurer's ability to meet its long-term financial obligations, rose to 2.17 during the quarter from 1.99 a year earlier and 2.11 in the prior quarter.

($1 = 87.5240 Indian rupees)

(Reporting by Nishit Navin and Ashwin Manikandan; Editing by Nivedita Bhattacharjee and Janane Venkatraman)

(([email protected];))

Adds details on timing, stake from paragraph 2

NEW DELHI, Aug 1 (Reuters) - India has completed due diligence for the stake sale of IDBI Bank IDBI.NS and plans to invite financial bids between October and December, the country's divestment secretary said on Friday.

A successful bidder will be announced by the end of March 2026, said Arunish Chawla, Department of Investment and Public Asset Management Secretary.

Banking sector deals in India, especially those involving foreign entities, are rare. A full takeover of troubled Indian lender Lakshmi Vilas Bank by Singapore-based DBS Group in a regulatory-driven transaction in 2020 was the last major deal.

The sale of a majority stake in IDBI Bank has been seen as a first step towards privatising state-run banks.

The government, which owns 45.48% in IDBI Bank, and state-owned Life Insurance Corporation of India LIFI.NS which holds 49.24%, together plan to sell 60.7% of the lender.

The sale process was first announced in 2022.

Reuters has reported that interested buyers include Emirates NBD and Canadian billionaire Prem Watsa.

(Reporting by Nikunj Ohri, Writing by Shilpa Jamkhandikar, Editing by Louise Heavens)

(([email protected];))

Adds quote in paragraph 4, updates subscription level in paragraph 8

By Vivek Kumar M, Chandini Monnappa and Hritam Mukherjee

July 30 (Reuters) - National Securities Depository Ltd's NATS.NS $458 million IPO was fully subscribed within hours of its Wednesday launch as investors rushed to back its leading position in India's rapidly growing securities market.

The country's largest depository is drawing strong investor interest amid a retail investing boom, with demat accounts growing at a 21.9% compound annual rate since fiscal 2014 to 192.4 million by March 2025, according to its offer document.

NSDL holds around 86% of India's securities depository market, where it operates as one of two licensed players. Shares of smaller rival Central Depository Services CENA.NS have surged nearly twelve-fold since their 2017 debut.

"NSDL's valuation is decent compared to CDSL at ~60x. This differential could lead to some investors exiting CDSL and buying NSDL post the latter's listing," said Ambareesh Baliga, an independent market analyst.

NSDL's IPO is an offer for sale, with IDBI Bank IDBI.NS and the National Stock Exchange paring stakes to meet the 15% regulatory ownership cap for market infrastructure institutions such as depositories.

The offering, among India's largest this year, raised $137.35 million in its anchor round on Tuesday from marquee investors including Life Insurance Corporation of India LIFI.NS and U.S.-based Capital International.

Shares were allotted at the upper end of the price band of 760 rupees to 800 rupees. The issue will close on August 1.

The portions reserved for retail and non-institutional investors were fully subscribed, while qualified institutional buyers bid for 79% of the shares allotted.

Three analysts said NSDL's issue was fairly priced at 47x of fiscal year 2025 earnings.

"Given its strong market position, high entry barriers, and long-term growth tailwinds from India's digital and capital market expansion, we assign a 'subscribe' rating for long-term investors," Angel One said in a note.

($1 = 87.3470 Indian rupees)

(Reporting by Chandini Monnappa, Hritam Mukherjee and Vivek Kumar M in Bengaluru; Editing by Nivedita Bhattacharjee and Mrigank Dhaniwala)

(([email protected]; X: @MukherjeeHritam;))

Adds LIC's stake buy in paragraph 3

BENGALURU, July 21 (Reuters) - State Bank of India SBI.NS, the country's largest lender by assets, said on Monday it has raised 250 billion rupees ($2.90 billion) by selling shares to institutional investors.

The lender approved the allocation of 306 million shares to the investors at an issue price of 817 rupees each.

State-owned Life Insurance Corp LIFI.NS said it bought SBI shares worth 50 billion rupees, raising its stake in the lender to 9.49% from 9.21%.

In May, the lender had approved the fundraise through modes including a so-called qualified institutional placement, which is used by companies to raise funds from large institutions.

($1 = 86.2460 Indian rupees)

(Reporting by Nishit Navin; Editing by Mrigank Dhaniwala and Shailesh Kuber)

(([email protected];))

July 16 (Reuters) - State Bank of India SBI.NS:

• STATE BANK OF INDIA SET TO LAUNCH 250 BILLION RUPEES QIP TODAY - CNBC-TV18

• LIC LIKELY TO BE KEY PARTICIPANT IN SBI QIP, COULD BID FOR OVER 50 BILLION RUPEES - CNBC-TV18

• SBI QIP MAY OFFER SMALL DISCOUNT TO CURRENT MARKET PRICE - CNBC-TV18 CITING SOURCES

Further company coverage: SBI.NS

(([email protected];))

July 14 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• LIFE INSURANCE CORPORATION OF INDIA - GOVERNMENT APPOINTS SHRI R DORAISWAMY AS CEO & MD OF LIC

Source text: ID:nNSE8p896L

Further company coverage: LIFI.NS

(([email protected];))

June 30 (Reuters) - AU Small Finance Bank Ltd AUFI.NS:

• ENTERED INTO STRATEGIC PARTNERSHIP WITH LIFE INSURANCE CORPORATION OF INDIA

• CO WILL DISTRIBUTE LIC'S PORTFOLIO OF LIFE INSURANCE SOLUTIONS

Source text: ID:nBSEnpXr8

Further company coverage: AUFI.NSLIFI.NS

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By Jayshree P Upadhyay

MUMBAI, June 25 (Reuters) - The National Stock Exchange of India has offered to pay the country's markets regulator 13.88 billion rupees ($160 million) to settle a legal dispute so it can proceed with a long-delayed initial public offering, three sources said.

The sum is set to be largest settlement made with the markets regulator in India's history.

India's biggest bourse and the world's most active derivatives exchange has been embroiled in litigation with the Securities and Exchange Board of India (SEBI) since 2019 when it was fined 11 billion rupees for failing to provide equitable access to all its trading members.

They are negotiating an out-of-court settlement, according to two of the sources.

All three sources, who have direct knowledge of the discussions, were not authorised to speak to media and declined to be identified.

The regulator is likely to grant the exchange a certificate stating it has no objection to an IPO within three months, said one source.

"If all goes as per expected timelines, NSE's IPO could hit the markets before May next year," said another source.

NSE declined to comment. SEBI did not immediately reply to a Reuters request for comment.

The cash-rich Mumbai-headquarted NSE has been trying to list since 2016 to enable some of its biggest investors to exit.

But has been prevented by the regulator's investigations and then the fine. NSE challenged the penalty in court which ordered certain parts of SEBI's order to be set aside, which the regulator later appealed at the nation's top court.

Among NSE's largest investors are the Life Insurance Corporation of India LIFI.NS with a 10.72% stake and the State Bank of India SBI.NS with 7.76%, while Morgan Stanley MS.N owns 1.58% and the Canada Pension Investment Plan Board has 1.60%.

Its main domestic rival, BSE Ltd, listed in 2017.

SEBI is conducting an inspection of the exchange's systems and processes before the no-objection certificate is issued, said two of the sources.

SEBI wrote to the NSE in February flagging concerns about the bourse's internal processes, including how management is appointed and remunerated, its failure to appoint a chairperson and technology shortfalls.

The settlement, if accepted by the regulator, will need the approval of India's top court, two of the sources said.

($1 = 85.9520 Indian rupees)

(Reporting by Jayshree P Upadhyay; Editing by Edwina Gibbs)

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June 8 (Reuters) -

• SAT PAL BHANOO, MD, LIC OF INDIA GIVEN CEO & MD POWERS - ET NOW

• LIC INTERIM CEO TENURE FOR 3 MONTHS, EFFECTIVE FROM JUNE 8 TO SEPTEMBER 7, 2025 OR TILL FURTHER NOTICE - ET NOW

Source text: https://tinyurl.com/k9y7wknb

Further company coverage: LIFI.NS

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June 5 (Reuters) - Dr Reddy's Laboratories Ltd REDY.NS:

• LIC SHAREHOLDING IN DR. REDDY'S LABORATORIES INCREASES TO 8.216%

Source text: ID:nBSE347R25

Further company coverage: REDY.NS

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By Dharamraj Dhutia

MUMBAI, May 29 (Reuters) - Adani Ports and Special Economic Zone APSE.NS, India's largest private port operator, has placed its longest-tenor debt with state-run Life Insurance Corporation of India LIFI.NS, two sources familiar with the matter said on Thursday.

The company raised 50 billion rupees ($585.33 million) through the sale of bonds maturing in 15 years at 7.75% annual coupon and the debentures were fully bought by LIC, the sources said, declining to be identified as they are not authorised to speak to the media.

The bonds were issued at the lowest spread over the corresponding government bond yield in the last seven years.

LIC and Adani Ports did not immediately respond to Reuters emails seeking comments.

The issue marked Adani Ports' largest rupee-denominated bond and its first market return since January 2024, after Adani group companies pulled back following U.S. short-seller Hindenburg Research's 2023 allegations of governance lapses.

Adani Group has denied those allegations.

Adani Ports has outstanding bonds worth around 62.50 billion rupees as of end-April, according to notes from rating agencies.

Holding around 54 billion rupees of debt, LIC was the largest holder of bonds of the company as of January 2024, according to an information memorandum of its January 2024 debt issue.

Adani Ports raised 2.5 billion rupees each via five- and 10-year bonds at coupons of 8.70% and 8.80%, respectively, in January 2024. Last week, its board approved raising up to 60 billion rupees through bond sales, with the notes rated AAA by Crisil and Care.

With the Adani Ports issue completed, more group companies are likely to tap local debt market, especially as yields are set to decline further due to policy rate cuts and surplus liquidity, two bankers said, declining to be named since they are not authorised to speak to media.

($1 = 85.4225 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)

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By Shubham Batra and Jayshree P Upadhyay

NEW DELHI/MUMBAI, May 8 (Reuters) - India's largest exchange, National Stock Exchange, is asking the finance ministry to intervene in a years-long standoff with the country's markets regulator over its planned IPO, three sources with direct knowledge of the matter said.

NSE, the world's largest derivatives exchange, has been trying to go public since 2016 but has failed to secure regulatory approval due to pending legal cases and governance shortfalls. Its main domestic rival BSE Ltd BSEL.NS is listed.

Its decision to ask the government to intervene marks an escalation in the rare standoff between India's largest exchange and its markets regulator. An IPO, if cleared, would help large investors in the exchange including Life Insurance Corporation of India LIFI.NS, State Bank of India SBI.NS, Morgan Stanley and Canada Pension Investment Plan Board find an exit after years.

NSE's letter to the finance ministry requesting assistance came after its latest application in March to secure a 'no objection certificate (NOC)' from the Securities and Exchange Board of India (SEBI) was not cleared, according to the sources who asked not to be identified because they were not authorised to speak with media.

The exchange had made similar requests in November 2019, twice in 2020, and again in August 2024.

NSE, SEBI and the finance ministry did not respond to emailed requests for comment.

"The letter requests the Ministry of Finance to engage with the newly appointed SEBI Chairman to address and resolve the concerns raised by SEBI regarding NSE's pending public offer," one source said.

NSE's appeal to the government has not been previously reported.

Tuhin Kanta Pandey, who became SEBI chairman in March, last month had said the regulator was working to resolve issues surrounding NSE's public offer but will not allow commercial interests to take precedence over the general public interest.

"Different departments at SEBI had raised concerns," a second source said. "Until all departments are satisfied that issues have been addressed, an NOC is unlikely to be issued."

One of the key concerns flagged by SEBI is on governance shortfalls at the exchange, including a delay in appointing a chairman to its board. NSE, in its letter to the finance ministry, dismissed those concerns and blamed SEBI for a delay in approving a candidate it recommended for chairman in 2022.

SEBI had also raised concerns about NSE's process of appointing top management. NSE told the ministry its processes are compliant with SEBI rules, according to the letter.

NSE's letter also questions the regulator's "neutrality" in recent decisions which have hurt its business interests more than those of competitor BSE, citing certain SEBI decisions on new rules for the futures and options market.

NSE also questioned a recent SEBI proposal asking exchanges to disinvest their holdings in clearing corporations. This could raise costs and undermine market stability, the exchange told the government in its letter.

($1 = 84.6075 Indian rupees)

(Reporting by Shubham Batra in New Delhi and Jayshree P Upadhyay in Mumbai; Editing by Lincoln Feast.)

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Central Depository Services (India) Ltd CENA.NS:

• CENTRAL DEPOSITORY SERVICES- UNIT TIES UP WITH LIFE INSURANCE CORP FOR INSURANCE REPOSITORY SERVICES

Source text: [ID:]

Further company coverage: CENA.NS

March 19 (Reuters) - Pfizer Ltd PFIZ.NS:

• LIC CUTS STAKE IN PFIZER TO 4.026% FROM 6.052% - EXCHANGE FILING

Source text: ID:nBSEbtwH6P

Further company coverage: PFIZ.NS

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