India's plans to list state-run Life Insurance Corporation (LIC) face an unusual problem: domestic law firms are shying away from advising the government, deterred by the low fees on offer at the time of a lucrative boom in corporate stock listings.
With millions of policyholders and a share of 66% of new premium collections in a crowded insurance market, LIC is a household name, managing assets of more than $450 billion.
LIC's massive size and complex business structure and products make it a "nightmare" for lawyers to draft the prospectus, he added. In an embarrassing episode, the government has twice revised its offer to attract law firms for the LIC IPO. This week, the government eased its fee payment timetables, to offer 50% payment after the draft IPO prospectus is filed.
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