 "LIC fixes price band at Rs 902-949 a share for Rs 21,000 crore IPO, issue to hit markets on 4 May")
New Delhi: Insurance giant LIC has fixed the price band at Rs 902-949 per share for the Rs 21,000 crore public offer that is likely to open on 4 May, sources said.
According to sources, Life Insurance Corporation (LIC) would offer a Rs 60 discount for policyholders and Rs 40 for retail investors and employees.
The issue is likely to open for subscription on 4 May and is expected to close on 9 May. The government had in February planned to sell a 5 percent stake or 31.6 crore shares of the insurance behemoth and had filed draft papers with SEBI.
Also read: LIC IPO: Here’s all you need to know about public issue size, price band and valuation
However, the IPO plans faced headwinds due to the ongoing market volatility amid the Russia-Ukraine war.
Last week, the government decided to lower the issue size to 3.5 percent.
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