LIC IPO Dates Announced: Issue Opens On May 4, Price Band Set At Rs 902-949 Per Share

By Anonymous -
<p><strong>New Delhi</strong>: Life Insurance Corporation on Wednesday in its press conference said the much-awaited issue of the state-run insurer is set to open on May 2 for anchors and on May 4 for subscription.</p> <p>The LIC has fixed a price band at Rs 902-949 per share for Rs 21,000 crore IPO. The IPO is likely to fetch Rs 21,000 crore to the exchequer. The government is planning to sell 3.5 per cent stake in the state-owned LIC. The IPO values LIC at Rs 6 lakh crore.</p> <p>This IPO is set to be biggest in the country despite its reduced offer size.</p> <p>In February, LIC had filed draft papers with the Securities and Exchange Board of India (Sebi) wherein it had said that the government would sell 5 per cent stake or 31.6 crore shares in the insurer.</p> <p>DIPAM Secretary Tuhin Kanta Pandey on Wednesday said LIC IPO is right sized, given the constraints in the market, while ading that LIC IPO will not crowd out capital and monetary supply in the market.</p> <p>&nbsp;</p> <p>(This is BREAKING NEWS... More details to follow) </p>

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