Modi Govt plans WAPCOS IPO ahead LIC by March | Government will bring IPO of WAPCOS before LIC, will sell its 25% stake

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Modi Govt plans WAPCOS IPO ahead LIC by March

New Delhi. The initial public offering (IPO) of another public sector company WAPCOS before the Central Government Life Insurance Corporation of India (LIC) may come by the end of March next year. An official gave this information on Sunday. The Department of Investment and Public Asset Management (DIPAM) had floated tenders in February for the appointment of registrar and advertising agency for the sale of 25 per cent stake in WAPCOS through IPO. WAPCOS under the Ministry of Jal Shakti provides consultancy, engineering, procurement and construction services for the water, power and infrastructure sectors.

The company also provides its services to Afghanistan and other countries. The official said that there has been some delay in the IPO due to the pandemic. The company is in the process of gathering data for its overseas operations. We expect the evaluation work to be completed in two months. Apart from this, the government is preparing to sell its 25 per cent stake in National Seed Corporation (NSC) through an IPO. The government has invited bids for the appointment of a consultant for this stake sale. The government has set an ambitious target of raising Rs 1.75 lakh crore through disinvestment in 2021-22. So far, the government has raised Rs 8,300 crore through stake sale in Axis Bank, NMDC Ltd and HUDCO.

Tamil Nadu Mercantile Bank submits documents for IPO

Private sector lender Tamil Nadu Mercantile Bank has filed preliminary documents with capital markets regulator SEBI to raise funds through initial share sale. As per the draft red herring prospectus (DHRP), the initial public issue (IPO) will see the issue of 1,58,27,495 fresh equity shares and includes an offer for sale of 12,505 equity shares by the shareholders.

The sale offer includes sale of up to 5,000 equity shares by D Prem Palanivel and Priya Rajan, up to 1,000 equity shares by Prabhakar Mahadev Bobde, sale of up to 505 equity shares by Narasimhan Krishnamurthy and 500 by M Malliga Rani and Subramaniam Venkateswaran Iyer. Includes sale of up to 500 equity shares. The Tuticorin-based bank plans to use the proceeds of the IPO to meet its future capital requirements. Tamil Nadu Mercantile Bank is one of the oldest private sector banks in the country with a history of nearly 100 years.

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