Agarwal, who resigned from Reliance as CFO and had spent almost twenty years as finance govt in life insurance coverage corporations, has joined LIC this month, sources mentioned.
In September, the State -run insurer has known as for purposes for the submit of CFO and was in seek for an applicable particular person.
Agarwal, a chartered accountant and a long-standing finance govt who labored with two main life insurance coverage firms prior to now, will take the cost within the newly created submit on the insurer.
LIC didn’t have a chief monetary officer and the place of Govt director F&A has been modified to CFO because the insurer is predicted to launch India’s largest ever public difficulty.
Shubhangi Sanjay Soman was the chief director in command of finance and accounting (F&A) at LIC, previous to Agarwal’s appointment.
When contacted, LIC declined to remark. “Because of the Company in IPO mode and accordingly no particulars / remark may very well be shared at this second,” LIC mentioned in an emailed response.
Agarwal was not instantly obtainable for feedback.
The CFO appointment is on contractual foundation, sources mentioned.
In September, LIC known as for purposes for the submit of CFO. It took greater than six months for them to finalise the submit.
Earlier final month, LIC filed prospectus for its public supply, by which the federal government is predicted to dilute as a lot as 5 p.c by means of an offer-for-sale.
LIC IPO is essential for New Delhi that may goal to borrow a document Rs 14.95 lakh crore (gross) in 2022-23. With the nation shrugging off pandemic particles quick, any unwarranted increased capital market borrowing can upset India’s progress trajectory.
“When the world goes by means of turbulence we can’t take the chance of leaping the gun. As a substitute, we are attempting to tighten LIC’s governance normal in order that everytime you go onboard, it turns into an excellent hit,” mentioned a senior govt concerned within the LIC IPO course of.
In between funding bankers are extending their roadshows to succeed in out every potential investor, market sources mentioned.
Final 12 months, LIC employed 10 funding banks together with Axis Securities, Financial institution of America Securities, Citigroup, Goldman Sachs, ICICI Securities, JM Monetary, JP Morgan, Kotak Mahindra Capital, Nomura, and SBI Capital markets as bankers to the mega-IPO.