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HomeNewsLIC IPO cost band set in between Rs 902-949: Report

LIC IPO cost band set in between Rs 902-949: Report

LIC IPO cost band set in between Rs 902-949: Report

NEW DELHI: The rate band for Life Insurance Corporation‘s (LIC) mega going public (IPO) has been set at Rs 902-949, news company Reuters reported estimating sources.
The problem is most likely to open on May 4 and close on May 9.
According to reports, the offer will be available at Rs 60 discount for insurance policy holders and Rs 45 for retail financiers and employees.
Further, the sale is most likely to open on May 2 for anchor investors.
After a reservation for policyholders and investors, the remaining shares will be allocated in the ratio of 50 percent to qualified institutional purchasers (QIB), 35 percent for retail and 15 percent for non-institutional financiers.

PTI 155 PML-Q 4 GDA 3 BAP 1 AML 1 ( 5 )

< img alt =" PTI 155 PML-Q 4 GDA 3 BAP 1 AML 1( 5)" msid =" 91106826" width=" 600" title placeholdersrc=" https://bharatsuchana.com/wp-content/uploads/2022/04/vGKazy.gif "imgsize=" 23456" resizemode=" 4" offsetvertical =" 0 "placeholdermsid type=" thumb" src =" https://static.toiimg.com/thumb/imgsize-23456,msid-91106826,width-600,resizemode-4/91106826.jpg" data-api-prerender= "true" > Out of the QIB’s part, around 60 percent will be booked for anchor financiers, the reports stated.
The IPO, through which the government will sell 3.5 per cent stake in state-owned Life Insurance Corporation (LIC), will fetch Rs 21,000 crore to the exchequer.
The IPO values LIC at Rs 6 lakh crore.
The federal government had in February planned to sell 5 per cent stake or 31.6 crore shares in the insurance behemoth and had actually submitted draft papers with Sebi.
Nevertheless, the IPO plans dealt with headwinds from the ongoing market volatility due to the Russia-Ukraine war.
LIC management and investment bankers will embark on roadway shows in six cities across India – Mumbai, New Delhi, Bengaluru, Ahmedabad, Rajkot, Kolkata – where they will meet possible financiers and experts beginning on Wednesday, among the sources stated.
The roadway programs are likely to be concluded by the end of this week. In the last 2 years of the Covid-19 pandemic, physical road shows had come to a grinding stop now with infections down, management has actually chosen to re-start the procedure.
Online road shows covering financiers throughout other regions will also continue, the report included.
( With inputs from agencies)

Released at Tue, 26 Apr 2022 13:14:06 +0000

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