LIC fixes price band at Rs 902-949 a share for Rs 21,000 crore IPO

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Photo source: File photo

The issue is expected to open for subscription on May 4 and is expected to close on May 9.

Insurance giant LIC has set a price target of Rs 902-949 per share for a public offer of Rs 21,000 crore, which may open on May 4, sources said.

According to sources, Life Insurance Corporation (LIC) will offer a discount of Rs 60 for policyholders and Rs 40 for retail investors and employees. The issue is expected to open for subscription on May 4 and is expected to close on May 9.

The government planned to sell 5 per cent or 31.6 crore shares of Bima Behemoth in February and submitted draft papers to SEBI.

However, due to the ongoing market volatility in the Russia-Ukraine war, IPO plans faced headwind. Last week, the government decided to reduce the size of the issue to 3.5 percent.

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