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MUMBAI: Life Insurance coverage Company of India (LIC) has requested all its policyholders to replace their everlasting account quantity (PAN) particulars of their coverage file by February 28 to be eligible for taking part in its upcoming public challenge, based on the draft pink herring prospectus (DRHP).
On February 13, the state-run insurer filed draft papers with capital market regulator Sebi on the market of 5 per cent stake by the federal government for an estimated Rs 63,000 crore.
The preliminary public providing (IPO) of over 31.6 crore shares or 5 per cent authorities stake is more likely to hit the market in March and staff and policyholders of the insurance coverage behemoth would get a reduction over the ground value.
“A policyholder of our Company shall be sure that his / her PAN particulars are up to date within the coverage data of our Company on the earliest.
“A policyholder who has not up to date his / her PAN particulars with our Company earlier than expiry of two weeks from the date of the submitting of this DRHP with Sebi (ie, by February 28, 2022) shall not be thought-about as an eligible policyholder,” as per the DRHP.
The PAN updation might be achieved on LIC’s web site both instantly or with the assistance of brokers.
It additional mentioned policyholders having a number of insurance policies of LIC as on the date of the DRHP and bid / supply opening date and who’re residents of India can be eligible to use on this supply, underneath the Policyholder Reservation Portion.
The combination of reservation for eligible policyholders shall not exceed 10 per cent of the full supply dimension.
The portion of the supply obtainable for allocation to eligible policyholders on a proportionate foundation is topic to the receipt of crucial approvals from the federal government.
LIC issued roughly 21 million particular person insurance policies in FY 2021, accounting for practically 75 per cent of latest particular person coverage issuances.
The IPO is supply on the market (OFS) by the Authorities of India. There isn’t a recent challenge of shares by LIC. The federal government holds 100 per cent stake or over 632.49 crore shares in LIC. The face worth of shares is Rs 10 apiece.
The LIC public challenge can be the largest IPO within the historical past of the Indian inventory market. As soon as listed, LIC’s market valuation can be corresponding to high corporations like RIL and TCS.
The IPO of LIC is predicted by March and the proceeds can be essential to satisfy the revised disinvestment goal of Rs 78,000 crore within the present fiscal.
LIC’s share capital was raised from Rs 100 crore to Rs 6,325 crore throughout September final yr to assist facilitate the IPO.
Final month, LIC reported a revenue after tax of Rs 1,437 crore for the primary half of the monetary yr 2021-22 as in contrast with Rs 6.14 crore within the year-ago interval.
Its new enterprise premium progress price stood at 554.1 per cent within the first half of 2021-22, in contrast with 394.76 per cent in the course of the year-ago interval.
On February 13, the state-run insurer filed draft papers with capital market regulator Sebi on the market of 5 per cent stake by the federal government for an estimated Rs 63,000 crore.
The preliminary public providing (IPO) of over 31.6 crore shares or 5 per cent authorities stake is more likely to hit the market in March and staff and policyholders of the insurance coverage behemoth would get a reduction over the ground value.
“A policyholder of our Company shall be sure that his / her PAN particulars are up to date within the coverage data of our Company on the earliest.
“A policyholder who has not up to date his / her PAN particulars with our Company earlier than expiry of two weeks from the date of the submitting of this DRHP with Sebi (ie, by February 28, 2022) shall not be thought-about as an eligible policyholder,” as per the DRHP.
The PAN updation might be achieved on LIC’s web site both instantly or with the assistance of brokers.
It additional mentioned policyholders having a number of insurance policies of LIC as on the date of the DRHP and bid / supply opening date and who’re residents of India can be eligible to use on this supply, underneath the Policyholder Reservation Portion.
The combination of reservation for eligible policyholders shall not exceed 10 per cent of the full supply dimension.
The portion of the supply obtainable for allocation to eligible policyholders on a proportionate foundation is topic to the receipt of crucial approvals from the federal government.
LIC issued roughly 21 million particular person insurance policies in FY 2021, accounting for practically 75 per cent of latest particular person coverage issuances.
The IPO is supply on the market (OFS) by the Authorities of India. There isn’t a recent challenge of shares by LIC. The federal government holds 100 per cent stake or over 632.49 crore shares in LIC. The face worth of shares is Rs 10 apiece.
The LIC public challenge can be the largest IPO within the historical past of the Indian inventory market. As soon as listed, LIC’s market valuation can be corresponding to high corporations like RIL and TCS.
The IPO of LIC is predicted by March and the proceeds can be essential to satisfy the revised disinvestment goal of Rs 78,000 crore within the present fiscal.
LIC’s share capital was raised from Rs 100 crore to Rs 6,325 crore throughout September final yr to assist facilitate the IPO.
Final month, LIC reported a revenue after tax of Rs 1,437 crore for the primary half of the monetary yr 2021-22 as in contrast with Rs 6.14 crore within the year-ago interval.
Its new enterprise premium progress price stood at 554.1 per cent within the first half of 2021-22, in contrast with 394.76 per cent in the course of the year-ago interval.
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