The government has appointed ten merchant bankers including Goldman Sachs (India) Securities, Nomura Financial Advisory and Securities India and Citigroup Global Markets India, to manage the mega initial public offering of the country's largest insurer LIC.  Other chosen bankers include JM Financial, SBI Capital Market, Axis Capital, JP Morgan India, BofA Securities, ICICI Securities, and Kotak Mahindra Capital Co Ltd, a circular on the divestment department website said.

The disinvestment department had invited applications for the appointment of merchant bankers on July 15. Following this, 16 merchant bankers made presentations for managing listing and partial disinvestment of Life Insurance Corporation (LIC). The Department of Investment and Public Asset Management (DIPAM) is also in the process of appointing a legal adviser for the stake sale and the last date for putting bids is Sept 16.  The government is also considering allowing foreign investors to pick up stakes in the country's largest insurer LIC. As per SEBI rules, FPIs are permitted to buy shares in a public offer.

The Cabinet Committee on Economic Affairs had last month cleared the IPO proposal of lIC. The ministerial panel known as the Alternative Mechanism on strategic disinvestment will now decide on the quantum of stake to be divested by the government.

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