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Business News/ News / India/  Watch | Fire breaks out at LIC office in Mumbai, none injured

A fire broke out in Life Insurance Corporation's (LIC) office building in Santacruz area in Mumbai on Saturday. The blaze erupted at 7 am on the ground plus two-storey structure located on S V Road in Vile Parle west. According to the ANI news agency, eight fire tenders are present at the spot to douse the blaze. So far, no injuries or casualties have been reported.

According to the Mumbai fire officials, "The fire is confined to electric wiring, installation, computers, file records, wooden furniture, etc. in Salary Saving Scheme section on 2nd floor of ground plus upper two-floored LIC Office building. Three small hose lines of 8 motor pumps are in operation".

The cause behind the fire is yet to be known, the official said.

At present, LIC much-awaited initial public offering (IPO) is opened for subscription. The IPO of LIC has been subscribed 1.38 times till the closing of the third day of bidding on Friday.

Policyholders and employees continue to lead the subscription. The policyholders' portion has been subscribed 4.01 times. Employees' portion has been subscribed 3.05 times.

Policyholders and employees are offered discounts in the country's largest IPO, which opened for public subscription on May 4. The subscription closes on May 9.

LIC has set its price band for the Initial Public Offer (IPO) at 902 to 949 per equity share. Policyholders are offered a discount of 60 per equity share, while retail investors and employees are offered a discount of 45 on each share.

The IPO is a pure offer for sale. Out of the 22.13 crore shares offered for sale, around 5.93 crore shares have been reserved for anchor investor portion. Employee reservation portion is at 15.8 lakh while policyholder reservation at 2.21 crore.

(This is a developing story. More details will be added.)

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Updated: 07 May 2022, 09:42 AM IST
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