According to official sources, the Life Insurance Corporation’s (LIC) long-awaited public issue offer, India’s largest, will be priced between 902 and 949 rupees, with a 60 percent discount for policyholders and a 45 percent discount for retail investors and employees.
The IPO would begin on May 2 for anchor investors and from May 4 to May 9 for investors, according to the sources.
According to sources, the LIC board of directors agreed a reduction in the IPO issue size from 5% to 3.5 percent on Saturday.
The government is poised to sell a 3.5 percent share in LIC for Rs 21,000 crore, valuing the insurance giant at Rs 6 lakh crore.
According to government sources, there is also the potential of increasing the stake offer from 3.5 percent to 5%, in which case the state’s coffers will get a total of 30,000 crore from the sale of its equity.
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