The government aims to raise upto Rs 21,000 crore from the issue.
The initial public offering of Life Insurance Corporation of India (LIC) will open on 4 May 2022 and will close on 9 May 2022.The Government of India currently holds 100% stake in LIC. It is offering 22.13 crore shares, or 3.5% stake, through the initial offer.
The price band has been set at Rs 902 to Rs 949. The company will offer a discount of Rs 60 per share to LIC policyholders. For retail investors and eligible employees, the discount will be Rs 45 per share.
The firm has reserved 5.92 crore shares for the anchor investors. Around 15.81 lakh shares are reserved for eligible employees while 2.21 crore shares are reserved for policyholders. About 6.91 crore shares are reserved for retail investors category.
An investor can bid for a minimum of 15 equity shares and in multiples thereof.
LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country, with a 61.6% market share in terms of premiums (or GWP), a 61.4% market share in terms of New Business Premium (or NBP), a 71.8% market share in terms of number of individual policies issued, a 88.8% market share in terms of number of group policies issued for the nine months ended 31 December 2021.
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