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 IPO Price, LIC GMP Today: LIC IPO will remain open for subscription till May 9. In the grey market, LIC shares are trading at a premium of roughly 9 per cent.
LICO IPO: The LIC share sale would be the biggest ever amount raised through an initial public offering in the Indian stock market.
In the run-up to the mega IPO, on February 13, the government had filed the draft red herring prospectus (DRHP) with the regulator giving details of financial results till September. The DRHP got Sebi approval early this month.
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.
LIC IPO would see sale of 31.6 crore shares or 5 per cent stake of the government. Employees and policyholders of the insurance behemoth would get a discount over the floor price.
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.
LIC offers concessions in late fee for other than term assurance and high risk plans, depending on the total premiums paid.
LIC IPO is crucial for meeting the ₹1.75-lakh crore disinvestment target set for the current financial year ended March 2022.
The government is banking on the listing of LIC IPO and BPCL strategic sales for meeting its disinvestment.
In its caution notice, LIC has also asked the public not to fall prey to proposals of such entities which are misusing its logo on social media platforms like Twitter, Facebook, Instagram and YouTube and other social media.
LIC AE, AAO exam is scheduled to be held on October 31. Download hall ticket at licindia.in
Once the draft red herring prospectus (DRHP) is filed, merchant bankers will hold global and domestic road shows for investors by January, the official said.
Candidates who had appeared for the preliminary examination can check the result on the official website of LIC- licindia.in. The prelims was earlier conducted on August 28
The listing of LIC will be crucial for the government in meeting its disinvestment target of Rs 1.75 lakh crore for 2021-22 (April-March).
The government is considering allowing foreign direct investment (FDI) in Life Insurance Corporation of India (LIC) ahead of the mega IPO.
According to the 7 pm provisional report, 56,10,116 vaccine doses have been administered on Monday, the ministry said.
Under the 'Special Revival Campaign', policies of specific eligible plans can be revived within five years from the date of the first unpaid premium, subject to certain terms and conditions, the insurer said in a release.
LIC IPO Date, LIC IPO News: The IPO of the Life Insurance Corporation of India is planned to be completed during the year.
Kickstarting the process for LIC disinvestment, the government has invited bids from merchant bankers and legal advisors for advising it on the proposed mega initial public offer.
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