LIC Chairman to meet Adani Group's top management soon
Business | February 10, 2023 0:10 ISTLife Insurance Corporation (LIC) Chairman MR Kumar has said that he will meet Adani Group's top management soon, amid row over Hindenburg report.
Life Insurance Corporation (LIC) Chairman MR Kumar has said that he will meet Adani Group's top management soon, amid row over Hindenburg report.
Adani row: In Delhi, the demonstration will be held by NSUI-Youth Congress outside the SBI office and LIC office located at Parliament police station.
Adani Enterprises' Rs 20,000 crore ($2.5 billion) follow-on public offer only saw a 1% subscription on the first day, with retail and institutional buyers showing limited interest.
Year ender 2022: The overall collection would have been much lower had it not been for the Rs 20,557-crore LIC public offer, which constitutes as much as 35 per cent of the total amount raised during the year.
Life Insurance Corporation (LIC) holds 529.41 crore shares representing 49.24 per cent stake in IDBI Bank, while the government holds 488.99 crore shares or 45.48 per cent stake.
Since the day of listing, LIC shares have remained below the issue price and had touched a low of Rs 708.70 and a high of Rs 920.
LIC shareholders have lost around Rs 1,23,686 crore since its listing on May 17. The scrip is trading 20% lower than the IPO issue price.
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!
The Initial Public Offering (IPO) of Life Insurance Corporation (LIC) closed on May 9 and shares were allocated to bidders on May 12. The government sold over 22.
The largest insurer, state-owned LIC's first-year premium or new business premium more than doubled (at a 141 percent rise) to Rs 11,716 crore as against Rs 4,856.
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.
RBI's sudden rate hike coinciding with the first day of LIC IPO subscription baffled marketers. Confused as to what is happening Twitterverse churned funny memes and jokes. Check out the best ones here.
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.
LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders.
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.
As per a note by GEPL Capital on the LIC IPO, LIC invests these funds across stocks and bonds. They own 4 per cent of all listed stocks in India and more government bonds than the RBI.
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.
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