LIC Fixes Price Band At Rs 902-949 Per Share, To Offer Rs 60 Discount For Policyholders: Report  

LIC IPO Latest Update: Sources close to the development told the media that the Initial Public Offering (IPO) would open on May 2 for anchor investors, and on May 4 to May 9 for investors.

LIC IPO Latest Update: The LIC on Tuesday fixed the price band at Rs 902-949 per share for the Rs 21,000 crore public offer that is likely to open on May 4, sources close to the development told news agency PTI. As per the updates, the Life Insurance Corporation (LIC) would offer a Rs 60 discount for policyholders and Rs 40 for retail investors and employees.

The issue is likely to open for subscription on May 4 and is expected to close on May 9. In February this year, the Centre had planned to sell a 5 per cent stake or 31.6 crore shares of the insurance behemoth and had filed draft papers with Sebi.

However, the IPO plans faced trouble due to the ongoing market volatility amid the Russia-Ukraine war. Last week, the government decided to lower the issue size to 3.5 per cent.

The sources further added that Initial Public Offering (IPO) would open on May 2 for anchor investors, and on May 4 to May 9 for investors.

Last week, the LIC board approved a cut in its IPO issue size to 3.5 per cent from 5 per cent. As per the latest developments, the Centre will now sell 3.5 per cent of its stake in LIC for Rs 21,000 crore, valuing the insurance behemoth at 6 lakh crore.