LIC shares allotted at Rs 949 apiece; Govt mops up Rs 20,557 crore

ANI
13 May 2022, 18:07 GMT+10

New Delhi [India], May 13 (ANI): Life Insurance Corporation (LIC) of India shares have been allotted to the eligible bidders of the initial public offering (IPO) at Rs 949 apiece, the upper end of the IPO price band.

Through this IPO, the government has raised Rs 20,557 crore by diluting 3.5 per cent of its stake in the country's largest insurer.

Policyholders, retail investors and employees have been offered discounts. Policyholders have been given a discount of Rs 60 per share. So the policyholders have been allocated the shares at Rs 889 apiece. Retail investors and employees have got the shares at Rs 904 apiece.

The shares have been issued to the eligible subscribers. Unsuccessful bidders will get the refunds. The shares will be credited to the investors' demat accounts on Monday.

LIC is scheduled to make its stock market debut on May 17.

The initial public offering of LIC was subscribed 2.95 times. The IPO opened for public subscription on May 4 and closed on May 9. (ANI)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Shanghai Sun.

More Information

null in null

International

Section

Delta Jet's wing strikes runway during rough landing at LaGuardia

Delta plane wing hits runway while landing at NYC's LaGuardia

NEW YORK CITY, New York: A Delta Air Lines plane's wing hit the runway at LaGuardia Airport during a rough landing over the weekend....

Amid measles outbreak, cases in Texas, New Mexico climb to 317

Measles cases in Texas, New Mexico, rise to 317 as outbreak spreads

AUSTIN/SANTA FE: Measles cases in Texas and New Mexico increased to 317 on March 18, up from 294 four days earlier, as the U.S. faces...

US weighs broad travel ban covering dozens of countries

US government weighs travel ban on dozens of countries

WASHINGTON, D.C.: The Trump administration is considering strict new travel restrictions for citizens of dozens of countries, according...

US: Maine violated federal law by allowing transgender girls in sports

US finds Maine policy on transgender athletes violates law

WASHINGTON, D.C.: The Trump administration announced this week that Maine's education officials violated federal law by allowing transgender...

Some states still under watch for wind and potential tornadoes

US death toll from extreme weather over the weekend rises to 36

NEW YORK CITY, New York: Severe storms and tornadoes continued to threaten parts of Pennsylvania, New York, and several Mid-Atlantic...

United Nations building in Gaza destroyed, 1 dead, 5 injured

UN staffer killed in Gaza, 5 others severely injured

As Israeli tanks rolled into Gaza on Wednesday heralding a new ground invasion, a UN building was destroyed in a bombing, killing one...

Asia Business

Section