Life Insurance Corporation (LIC) on Tuesday, 26 April, fixed its share between the price band of Rs 902 and Rs 949 per share in what is being called India's biggest initial public offering (IPO) of Rs 21,000 crore, PTI reported, quoting sources. It is likely to open for subscription on 4 May and is expected to close on 9 May.
According to PTI,
LIC will reportedly offer a discount of Rs 60 for all policyholders and of Rs 40 for employees and retail investors.
In February, the government had planned on selling a five percent stake or 31.6 crore shares of LIC and filed draft papers with market regulator Securities and Exchange Board of India (SEBI).
However, the IPO plans were affected due to the ongoing market volatility amid the war between Russia and Ukraine.
The government had decided to lower the issue size to 3.5 percent last week.
The household insurer name on 13 February filed its draft red herring prospectus (DRHP) with SEBI, which stated that it would be offering 31.62 crore in equity or five percent of the company to the Indian market in its upcoming IPO.
(With inputs from PTI.)
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