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‘LIC IPO lifted by domestic investors, example of Atmanirbhar Bharat’

‘LIC IPO raised by domestic investors, example of Atmanirbhar Bharat’

NEW DELHI: Calling LIC IPO as an example of Atmanirbhar Bharat in the context of Indian stock markets, Dipam secretary Tuhin Kanta Pandey on Monday said this issue has actually been primarily raised by domestic investors. The preliminary public offering of the country’s largest insurer LIC closed on Monday, getting over-subscribed almost 3 times . While the institutional investors ‘portion was subscribed 2.83 times, the retail investors ‘part was subscribed 1.99 times. The part reserved for insurance policy holders and workers was subscribed 6.12 and 4.40 times, respectively, while the corporate part was subscribed 2.91 times. Instruction reporters, the secretary in the Department of Financial Investment and Public Possession Management(Dipam)stated this concern has been predominately raised by domestic institutions.”You can project this problem as an example of Atmanirbhar Bharat … this big problem has seen interest from individuals throughout various
segments … It reveals that the capability of the Indian capital market has actually increased significantly and it also shows that we can run our own capital market without depending on foreign investors,”he said. To a question about foreign financiers not can be found in great deals, Pandey stated:”Like all other investors, foreign institutional financiers also take their own call … Foreign financiers are also welcome and a few of them did take part in the concern “. The government sold a 3.5 percent stake in LIC through the IPO at a price band of Rs 902-949 a share. The government anticipates to gather around Rs 20,000 crore from the share sale. Bidders in LIC IPO will be designated shares on May 12, and the insurance coverage leviathan shares will be listed on stock exchanges on May 17. When asked if LIC would continue to be determined by the federal government post-listing, Financial Solutions Secretary Sanjay Malhotra stated it has actually been a board-driven company and going forward, it would be expertly handled. Choices would be taken in the interest of insurance policy holders who are supreme. On the other hand, investors’interests will also be balanced, he included.
Following the dilution, the federal government’s stake in the insurer will come down to 96.5 per cent. Published at Mon, 09 May 2022 16:35:21 +0000

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