Centre sets price band for LIC share sale at ₹902-949
- The govt will sell 3.5% of LIC, or 221.3 mn shares. Out of this, 22 mn shares will be reserved for policyholders and 1.5 mn for employees of the insurance behemoth
- LIC’s IPO will be the first to offer a 3.5% stake top the public, lower than the regulatory minimum 5% stipulated by Sebi
The government has set the price band for the initial share sale of state-run Life Insurance Corp. of India (LIC) at ₹902- 949 a share, with a ₹60 discount for policyholders and ₹45 for employees. The government expects to raise about ₹21,000 crore at the upper end of the price band in what would be India’s largest such sale.
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