Watching geo-political situation, keen on listing in March, says LIC chief

New Delhi: Amid volatility in stock markets generated by tension between Russia and the US over Ukraine, LIC chairman M R Kumar on Monday said that the insurance behemoth was watching the geo-political situation carefully, though it was keen on listing of the IPO in March.

The Life Insurance Corporation (LIC) has already filed the DRHP with the SEBI) for its IPO.

"We are watching the situation closely and carefully...but we are very keen on having listing in March," Kumar said, when asked about the impact of the evolving geopolitical situation on the upcoming IPO.

This would be the biggest ever IPO, which proposes to raise Rs 63,000 crore by selling 5 per cent government stake through offer for sale (OFS).

There is some shadow of geopolitical tension between Russia and NATO over Ukraine on foreign capital outflow from India.

Foreign portfolio investors (FPIs) have withdrawn a net Rs 18,856 crore from the Indian markets in February so far amid geopolitical tensions and chances of a rate hike by the US Federal Reserve.

As per depositories data, overseas investors took out Rs 15,342 crore from equities and Rs 3,629 crore from the bonds market between February 1-18. At the same time, they invested Rs 115 crore in hybrid instruments.