The cost band for the much-anticipated Initial Public Offering (IPO) of India’s biggest insurance agency, Life Insurance Corporation of India (LIC), has been set at Rs 902-Rs 949 for every offer.
A discount of Rs 45 has been set for retail and workers, while the bid parcel size has been fixed for 15 offers for each part, government sources said on Tuesday.
As indicated by the sources, LIC has chosen to give a rebate to policyholders of the organization. “A rebate of Rs 60 for each offer has been set for the policyholders of LIC.”
On April 23, 2022, the LIC board gave its gesture to chop down the issue size to 3.5 percent from 5% because of the economic situation. A proposition to decrease the size of LIC’s IPO to 3.5 percent from 5% proposed in its draft distraction plan (DRHP) was postponed and endorsed at an executive meeting hung on Saturday.
An aggregate of 22.13 crore offers will be presented in this IPO. Out of the complete offers, 10% or 2.21 crore shares are saved for the policyholders.
LIC’s IPO is to open on May 4 and close on May 9. Last month, market controller Securities and Exchange Board of India (SEBI) supported the first sale of stock proposition of the Life Insurance Corporation of India (LIC).
The organization has documented the Draft Red Herring Prospectus with the market controller Securities and Exchange Board of India (SEBI). Has the opportunity until May 12 to send off the IPO. In the event that it isn’t finished by May 12, the organization would be expected to document new papers with the market controller.
The government had at first needed to list LIC in the last monetary year that finished March 31 yet needed to defer the deal after the Russia-Ukraine war set off a market rout.
