LIC fixes price band at Rs 902-949 a share for Rs 21,000 crore IPO, issue to hit markets on 4 May
The government in February had planned to sell a 5 percent stake in Life Insurance Corporation (LIC). However, the ongoing market volatility due to the Russia-Ukraine war made it lower the issue size to 3.5 percent
New Delhi: Insurance giant LIC has fixed the price band at Rs 902-949 per share for the Rs 21,000 crore public offer that is likely to open on 4 May, sources said.According to sources, 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 4 May and is expected to close on 9 May.The government had in February planned to sell a 5 percent stake or 31.6 crore shares of the insurance behemoth and had filed draft papers with SEBI.Also read: LIC IPO: Here's all you need to know about public issue size, price band and valuationHowever, the IPO plans faced headwinds due to the ongoing market volatility amid the Russia-Ukraine war.Last week, the government decided to lower the issue size to 3.5 percent.Read all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.
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