Employees of Life Insurance Corporation of India (LIC) will get a discount for subscribing for shares of the company under an initial public offering (IPO).
The government has previously set a price band of Rs 902-949 per share and will offer discounts to retail investors other than LIC employees.
A discount of Rs 45 per equity share will be given to LIC employees along with retail investors to subscribe for company shares.
Similarly, a discount of Rs 60 per share will be given to LIC policyholders. However, only LIC policyholders eligible for this discount who purchase their policies on or before April 13, 2022, the day LIC files its draft red herring prospectus with the Securities and Exchange Board of India (SEBI).
The LIC Board has approved discounts to be offered to three categories, bookings for policyholders and employees, and issue dates.
The IPO subscription will open on May 4, 2022 and it will remain available for bidding until May 9, 2022. The government has set the price band for the LIC IPO from Rs 902 to Rs 949 per equity share.