Top Headlines: IMF on India’s $5 trillion economic target, MGNREGA demand declines

India’s dream of becoming a $5 trillion economic powerhouse by 2024-25 will take longer, according to the International Monetary Fund. Meanwhile, LIC’s $2.7 billion IPO will be the fifth largest globally in CY22. Read more about it below:

LIC IPO: Over 70% of anchor allotment to domestic mutual funds

Life Insurance Corporation of India (LIC) raised Rs 5,627 crore from anchor investors ahead of its mega initial public offering (IPO) on Monday, with 71 per cent of the amount coming from domestic mutual funds (MFs), a late disclosure from the firm shows.

In total, the state insurance giant allotted nearly 59.3 million shares at Rs 949 a share to 123 investors. Continue reading here

Adani, JSW Groups make non-binding offers to purchase Ambuja cements

Groups Adani and JSW submitted non-binding offers to acquire Ambuja Cements last week. Both groups have linked their funding to a group of private equity (PE) firms and have offered deadlines to complete the transaction at the earliest, a banker inside the deal said.

Aditya Birla Group’s UltraTech Cement has also entered the race. However, UltraTech’s completion of the deal is expected to be delayed as approvals by the Competition Commission of India are taking time. Continue reading here

India’s $5 trillion economic dream: Not before FY29, IMF says

Waiting for India to become a $5 trillion economic powerhouse by 2024-25 (FY25) will take longer than the Treasury Department originally intended, according to the International Monetary Fund (IMF). The vision will instead be realized in 2028-29 (FY29), according to IMF data, which illustrates a four-year lag. Continue reading here

LIC’s $2.7 billion IPO is expected to be the fifth largest globally in CY22

LIC’s $2.7 billion IPO will be the 5th largest globally in CY22. South Korean electric vehicle battery maker LG Energy Solution holds the record for the largest IPO of the year at $10.8 billion, while Chinese wireless carrier China Mobile IPO comes second at $8.6 billion.

Dubai Electricity and Water Authority’s $6.1 billion IPO in March is currently the third-largest IPO of the year, followed by China National Offshore Oil Corporation’s IPO; The company had raised $5.1 billion by issuing shares in mainland China after being delisted from US stock exchanges. Continue reading here

11% fewer households asked for work under MGNREGA in April, data shows

The number of households looking for work under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) indicates a turnaround in the employment situation in rural areas, falling 11.15 percent in April from the same month last year.

However, the data also shows that compared to pre-pandemic years, there is still a disproportionate number of people – 23.26 million households in April – looking for work under the MGNREGA. Continue reading here

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