The Government of India has extended the tenure of Life Insurance Corporation (LIC) chairman Mr. M. R. Kumar by one year. He will remain in office till March 2023 or until he attains the age of superannuation, or until further orders, whichever is the earliest.
The government has done this to facilitate smooth Initial Public Offerings (IPO) of LIC, which is expected to be completed by March 2022.
The LIC IPO is expected to be the largest IPO in India.
The largest IPO in India was Paytm at Rs 18,300 Crore in 2021.
Initial Public Offering (IPO)
When an unlisted company issues its shares to the public it is called an Initial Public Offering. Here unlisted company means those companies whose shares or capital receipts are not listed on any stock exchange.
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