LIC IPO countdown begins; Centre files draft Red Herring Prospectus with SEBI

State-owned insurer Life Insurance Corporation has filed a Draft Red Herring Prospectus with SEBI. The Union Government is looking to sell over 31 crore equity shares of LIC. The Draft Red Herring Prospectus has set the ball rolling for India's largest public issue. The IPO will be an 'Offer for Sale' (OFS) by the Union Govt; there will be no fresh issue of equity shares.