The long-awaited initial public offer (IPO) of Life Insurance Corporation of India (LIC) is scheduled to open on May 2 for anchor investors and for retail investors between May 4 and May 9.
Considered to be the country’s biggest public offer till date, the LIC IPO will be in the price band of Rs 902-949.
Last week, LIC’s board had okayed a cut in the IPO issue size to 3.5 per cent from 5 per cent, and the government is now expected to sell 3.5 per cent of its stake in LIC for Rs 21,000 crore.
Government is also offering discount for policy holders who want to subscribe to the public offer.
It has announced Rs 60 per equity share discount to those applicants having LIC policy.
However, only those LIC policy holders will be eligible for this discount who bought their policy on or before April 13, 2022, the day LIC had filed its draft red herring prospectus with Securities and Exchange Board of India (SEBI).
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