Government invites bids from law firms for the IPO of LIC

The Central government has for the second time invited bids from law firms to advise it on the mega initial public offering (IPO) of LIC. On July 15, the government had floated request for proposal inviting bids from reputed legal advisors and the last date for bidding was August 6. However, the proposal did not receive adequate response.

 The Department of Investment and Public Asset Management  on Thursday came out with the second request for proposal for appointing legal firms, who have to bid in consortium with an international firm, and the last date for bidding is September 16. "Considering insufficient demand received in the first RFP, it has been decided to issue a fresh RFP," DIPAM said.

In the request for proposal, DIPAM said it requires the services of reputed law firms with experience and expertise in initial/further public offerings in capital markets to act as legal advisors and to assist the government in the process of listing of LIC. "The domestic law firm will act as the legal adviser to the transaction and should submit proposal in consortium with an international law firm of repute, with similar experience and expertise in public offerings in capital markets," DIPAM said.

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