The company distributes wines under a bouquet of popular brands such as Sula, its flagship brand, besides other popular brands like RASA, Dindori, The Source, Satori, Madera & Dia.
The shares of insurance sector giant Life Insurance Corporation of India (LIC) debuted on the stock exchanges on a weak note on Tuesday. This led to the bombardment of hilarious memes and jokes on the social media platforms. Take a look!
Against 16,20,78,067 shares on offer, 29,08,27,860 bids were received, according to the data posted on stock exchanges at 7 pm. However, the Qualified Institutional Buyer (QIB) category is yet to be fully subscribed.
Subscription for non-institutional investors' segment stood at 76 per cent, while that for QIBs' portion was lower at 56 per cent.
Against 16,20,78,067 shares on offer, 16,25,35,125 bids were received, making the public issue fully subscribed, as per data on stock exchanges as of 6.24 pm.
The government aims to generate about Rs 21,000 crore by selling 3.5 per cent stake in the insurance behemoth. LIC's initial public offering (IPO), open for retail and institutional investors, is set to close on May 9. The issue period also includes bidding on Saturday, May 7.
Congress general secretary and chief spokesperson Randeep Surjewala asked why did the government reduce LIC valuation from Rs 12-14 lakh crore in February to Rs 6 lakh crore in just two months.
The government had in February planned to sell s 5 percent stake or 31.6 crore shares of the insurance behemoth and had filed draft papers with Sebi.
The issue size is expected to be worth Rs 21,000 crore, valuing the country's largest insurer at Rs 6 lakh crore.
IPOs from new age loss-making technology startups, strong retail participation and huge listing gains were the other key highlights of 2021-22.
If the government misses the May 12 window available with it, LIC would have to file fresh papers with Sebi giving the results of December quarter and also update the embedded value.
The government was looking to sell 5 per cent stake in Life Insurance Corporation (LIC) this month, which could have fetched over Rs 60,000 crore to the exchequer. The IPO would have helped meet the curtailed disinvestment target of Rs 78,000 crore this fiscal.
Finance Minister Nirmala Sitharaman too had indicated review of the IPO in view of the evolving geopolitical situation. "Ideally, I would like to go ahead with it because we had planned it for some time based purely on Indian considerations," Sitharaman had said in an interview with the Hindu Business Line.
The decision in this regard was taken by the Union Cabinet, chaired by Prime Minister Narendra Modi. The government has approved listing of shares of LIC on the stock market through an IPO by part-sale of its stake in the insurer and raising fresh equity capital.
LIC's listing is crucial for the government to meet the lowered revenue estimates of Rs 78,000 crore for the current financial year. The government had an initial target of Rs 1.75 lakh crore from the disinvestment proceeds.
The public issue, comprising fresh equity shares, will open for subscription on January 27 and close on January 31.Price band is Rs 218-230 per share.
LIC IPO is crucial for meeting the ₹1.75-lakh crore disinvestment target set for the current financial year ended March 2022.
There are still some issues that need to be addressed with regard to the valuation of LIC, a senior official of one of the merchant bankers said.
Star Health, leading private health insurer in the country, is owned by a consortium of investors like Westbridge Capital and Rakesh Jhunjhunwala.
Paytm, meanwhile made a weak market debut and tumbled over 27 per cent on Thursday from the issue price of Rs 2,150.
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