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LIC's pension arm seeks PFRDA nod to invest in IPOs

New Delhi: LIC Pension Fund, an arm of the country's largest insurer Life Insurance Corporation of India (LIC), has approached interim regulator Pension Fund Regulatory and Development Authority (PFRDA) seeking permission to invest in initial public offers (IPOs), which will help it take part in the government's divestment programme, reports PTI.

"At present, pension funds are not able to invest if companies that are not listed. We have written to PFRDA to consider this," LIC Pension Fund CEO H Sadhak told PTI when asked whether the company is interested in taking part in the government's disinvestment programme.

"If they allow us, then we will be investing... Once the guideline comes, it will be uniform, so everyone will be able to invest," he added.

The government targets to raise Rs40,000 crore through disinvestment this fiscal. It has already mopped up Rs1,000 crore by divesting stake in Satluj Jal Vidyut Nigam, and about Rs1,000 crore through Engineers India's follow-on public offer.

Coal India's Rs15,000 crore IPO is open for subscription. On Day 2, the issue was over-subscribed 1.71 times.

Besides, many more public issues are expected to hit the market this fiscal.

LIC Pension Fund was formed by LIC after being appointed the fund manager to operate the New Pension System for the government employees by PFRDA.

Initially, the government launched the New Pension System for central government employees, joining service on or after 1 January 2004, but it was extended to all citizens from 1 May 2009.
 

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