LIC to appoint CFO ahead of mega IPO

New Delhi, September 28

State-backed Life Insurance Corporation of India (LIC) is seeking to appoint a chief financial officer (CFO), according to a notification on its website, ahead of an initial public offering (IPO) slated before the end of the fiscal year.

The move to hire a CFO follows a decision to re-designate LIC’s top job to chief executive officer from chairman earlier this year.

LIC is currently undergoing a valuation exercise for an initial public offering that could be India’s biggest ever as the government seeks to raise around 900 billion Indian rupees by selling 5%-10% stake in the company by the end of the fiscal year that runs through March. — PTI