government backed Life Insurance Corporation of India (LIC) is seeking to appoint a Chief Financial Officer, according to a notification on its website, before an initial public offering before the end of the financial year.
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The move to appoint a CFO follows the decision to re-designate LIC’s top job as chief executive officer earlier this year.
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LIC is currently undergoing a valuation exercise for an IPO that could be India’s biggest ever as the government sells 5%-10% stake in the company to around ₹900 billion by the end of the financial year running till March. Wants to raise Indian Rs.
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Recently, the government appointed ten investment banks which include Goldman Sachs, Citigroup and SBI Capital Markets to handle the offer.