Wednesday, April 17, 2024

LIC iPO likely to open between May4-9

The dates of mega initial public offering (IPO) of India’s largest insurance company, the Life Insurance Corporation of India, are finally out. The much-awaited IPO is likely to open between May 4-9, according to sources in the know of the matter.

Moreover, the government is aiming to file Red Herring Prospectus (RHP) for LIC IPO this week. Through the public offering, the Centre is aiming to sell a 3.5 per cent stake in the insurance behemoth.

LIC IPO’s issue size, which is expected to be worth Rs 21,000 crore, values the insurer at Rs 6 lakh crore.

Meanwhile, the issue size has been reduced to 3.5 per cent from the previous 5 per cent. The LIC board on Saturday gave its nod to cut down the issue size. This means that the government will dilute only 3.5 per cent of its shares worth Rs 21,000 crore as compared to 5 per cent shares announced earlier.

However, the decision is subject to regulatory approval, according to an official quoted by Business Standard.

LIC had filed the draft papers with market regulator Sebi in February, wherein it had mentioned that the government would sell a 5 per cent stake or 31.6 crore shares in the state-run insurer.

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