LIC of India (The Life Insurance Corporation) has directed its employees not to speak publicly about its mammoth Initial Public Offering (IPO) and avoid comment on the pricing, timing, or valuation of the offer expected in the Jan-March quarter this financial year.
The state-owned insurance behemoth LIC has said only the chairman and four managing directors are allowed to interact with the media till further instructions.
The firm has also asked its employees not to comment on the pricing, timing, and valuation of the public offer which is expected to take place in the January-March quarter of this financial year.
LIC IPO – Employees to observe silence about the Initial Public Offering
The IPO-bound insurance major said only Chairman MR Kumar and the four managing directors – MK Gupta, Raj Kumar, Siddhartha Mohanty and Mini Ipe – are permitted to interact with media till further instructions.
“No comment or statement should be made by any official on IPO/IPO size/IPO size/IPO timing/IPO valuations/Futuristic projections in any public forum or in any interaction which is likely to be made public,” noted LIC in an official communication to its officers according to reports by Business Standard.
“This will include not talking on such issues in public interactions like Dos/Agent Meetings/Customer meet/Public functions or any public forum,” the communication further mentioned.
LIC, which commands almost 70% of the market share, runs a huge agent network across India. The country’s largest insurance company alone has over 13.5 lakh agents compared to 11 lakh belonging to 20 other private life insurance firms. LIC has more than one lakh employees on its payrolls.