State-owned Life Insurance Corp of India (LIC) is seeking to appoint a chief financial officer, according to a notification on its website, ahead of an initial public offering slated before the end of the fiscal year. The move to hire a CFO follows a decision to re-designate LIC's top job to chief executive officer from chairman earlier this year. The candidate selected for the post will have three-year period as the CFO and will have an annual cost to company of Rs 75 lakh (negotiable). This is perhaps the first instance of lateral hiring for the state-owned insurer. The Union government plans to list LIC on the bourses by the end of this fiscal year. LIC is currently under going a valuation exercise for an IPO that could be India's biggest ever as the government seeks to raise around 900 billion Indian rupees by selling 5%-10% stake in the company by the end of the fiscal year that runs through March. Recently, government appointed ten investment banks including Goldman Sachs, Citigroup and SBI Capital Market to handle the offering.