Business

LIC Invites Media To Press Conference On Wednesday At 1230 Noon, Regarding Its IPO -By ASC


LIC IPO Press Conference At 1230 Wednesday Night

Regarding its public issue offer, Life Insurance Corporation (LIC) has invited the media for a press conference at 1230 noon on Wednesday, April 27, 2022.

Reuters, citing sources, reported that LIC is likely to file an IPO prospectus earlier today.

Sources had told AGRASMARTCITY on Monday that LIC’s long-awaited public issue offering is likely to open on May 4 and close on May 9. Still, they have added that the exact timeline will be confirmed after Wednesday.

The source also said that the date range and other listing details will be known in the first week of May.

So, details, including the employee booking portion, which is pegged at 5 percent of the IPO size and the policyholder booking portion tied at 10 percent, will be confirmed next week, closer to the initial public offering (IPO) date.

That came after the LIC board allowed a cut in the size of its IPO issue to 3.5 percent from 5 percent, according to sources on Saturday.

The source said that the government is now expected to sell its 3.5 per cent stake in LIC at a price of Rs 21,000 crore, subject to regulatory approval. That would value the insurance giant at 6 lakh crore.

Previously, to meet the investment reduction target of ₹ 78,000 crore by 2021-22, the government expected to raise over Rs 60,000 crore by selling about 31.6 crore or 5 per cent of its stake in the wholly-owned life insurance firm, according to the regulatory paper (draft red herring prospectus) was filed and approved.

Although the LIC IPO was set to open in March, the government had to postpone it as the Russia-Ukraine crisis thwarted the plan as the stock market was highly volatile.

Despite lower ambitions, the government-run insurance company is one step closer to becoming India’s most important initial public offering (IPO) ever.

In fact, the volume mobilized from Paytm’s IPO in 2021 was the largest at ₹ 18,300 crore, followed by Coal India (2010) at almost ₹ 15,500 crore and Reliance Power (2008) at ₹ 11,700 crore.

Agrasmartcity

Welcome to India's Largest news platform, I assure you that we daily update on Global news which helps you to grow your knowledge.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button
AllEscortAllEscort