LIC IPO: The Centre plans to boost Rs 21,000 crore by diluting a 3.5 per cent stake in LIC.
New Delhi:
The preliminary public providing (IPO) of Life Insurance coverage Company of India opened for subscription immediately. The general public subject will shut on Might 9. The insurance coverage behemoth said that it has garnered round Rs 5,627 crore from anchor buyers forward of the IPO.
This is Your 10-Level Cheat-Sheet To This Large Story:
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The value band for LIC IPO is Rs 902-949 per fairness share.
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LIC policyholders will get a reduction of Rs 60 per fairness share, whereas retail buyers and staff will get a reduction of Rs 45 on every share.
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Buyers can bid for at least 15 shares (one lot) for Rs 14,235 on the higher finish of subject worth.
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LIC’s IPO will take subscriptions even on Saturday (Might 7), an uncommon transfer geared toward attracting extra buyers. The shares would get listed on the stock exchanges on May 17.
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The Centre plans to boost Rs 21,000 crore by diluting a 3.5 per cent stake in LIC.
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For an IPO, the valuation can be the very best ever within the Indian market. Earlier than this, the very best fundraise was seen in Paytm IPO final yr at Rs 18,300 crore and Coal India in 2010 at Rs 15,200 crore.
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LIC has approached its policyholders by way of SMS and different medium to tell them concerning the share sale.
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LIC has been informing concerning the IPO for a number of months by way of numerous channels together with print and TV ads.
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The nation’s largest insurer lowered its IPO dimension to three.5 per cent from 5 per cent determined earlier because of the prevailing market situation.
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LIC was shaped by merging and nationalising 245 non-public life insurance coverage firms on September 1, 1956, with an preliminary capital of Rs 5 crore.
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