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NEW DELHI: Forward of its preliminary public providing (IPO), insurance coverage behemoth LIC on Tuesday approached its policyholders by way of SMS and different medium to tell them in regards to the share sale.
The IPO of LIC opens for retail and institutional buyers on Wednesday and can shut on Could 9.
LIC has fastened the value band at Rs 902-949 per fairness share for the problem. The supply features a reservation for eligible staff and policyholders.
The retail buyers and eligible staff will even get a reduction of Rs 45 per fairness share and policyholders will get a reduction of Rs 60 per share.
The share sale is thru an Provide-For-Sale (OFS) of as much as 22.13 crore fairness shares. The shares are prone to be listed on Could 17.
“LIC filed pink herring prospectus(RHP) dt 26.4.22 with SEBI/Inventory Exchanges for its IPO reserving shares for eligible policyholders. For particulars & dangers in investing in LIC IPO and disclaimers, see RHP and hyperlinks….,” mentioned the SMS despatched by the insurer to the policyholders on their registered cellular numbers.
LIC has been informing in regards to the IPO for a number of months by way of varied channels together with print and TV commercials.
Earlier within the day, LIC knowledgeable it has garnered just a little over Rs 5,627 crore from anchor buyers led primarily by home establishments.
Anchor Buyers’ (AIs) portion (5,92,96,853 fairness shares) was subscribed at Rs 949 per fairness share, the insurer mentioned in an early morning submitting to inventory exchanges.
The nation’s largest insurer diminished its IPO measurement to three.5 per cent from 5 per cent determined earlier because of the prevailing market situation.
Even after the diminished measurement of about Rs 20,557 crore, LIC IPO goes to be the largest ever within the nation.
Up to now, the quantity mobilised from the IPO of Paytm in 2021 was the biggest ever at Rs 18,300 crore, adopted by Coal India (2010) at practically Rs 15,500 crore and Reliance Energy (2008) at Rs 11,700 crore.
LIC was shaped by merging and nationalising 245 personal life insurance coverage corporations on September 1, 1956, with an preliminary capital of Rs 5 crore.
Its product portfolio contains 32 particular person merchandise (16 collaborating merchandise and 16 non-participating merchandise) and 7 particular person elective rider advantages. The insurer’s group product portfolio contains 11 group merchandise.
As on December 2021, LIC had a market share of 61.6 per cent when it comes to gross written premium, 61.4 per cent when it comes to new enterprise premium, 71.8 per cent when it comes to the variety of particular person insurance policies issued, and 88.8 per cent when it comes to the variety of group insurance policies issued.
The IPO of LIC opens for retail and institutional buyers on Wednesday and can shut on Could 9.
LIC has fastened the value band at Rs 902-949 per fairness share for the problem. The supply features a reservation for eligible staff and policyholders.
The retail buyers and eligible staff will even get a reduction of Rs 45 per fairness share and policyholders will get a reduction of Rs 60 per share.
The share sale is thru an Provide-For-Sale (OFS) of as much as 22.13 crore fairness shares. The shares are prone to be listed on Could 17.
“LIC filed pink herring prospectus(RHP) dt 26.4.22 with SEBI/Inventory Exchanges for its IPO reserving shares for eligible policyholders. For particulars & dangers in investing in LIC IPO and disclaimers, see RHP and hyperlinks….,” mentioned the SMS despatched by the insurer to the policyholders on their registered cellular numbers.
LIC has been informing in regards to the IPO for a number of months by way of varied channels together with print and TV commercials.
Earlier within the day, LIC knowledgeable it has garnered just a little over Rs 5,627 crore from anchor buyers led primarily by home establishments.
Anchor Buyers’ (AIs) portion (5,92,96,853 fairness shares) was subscribed at Rs 949 per fairness share, the insurer mentioned in an early morning submitting to inventory exchanges.
The nation’s largest insurer diminished its IPO measurement to three.5 per cent from 5 per cent determined earlier because of the prevailing market situation.
Even after the diminished measurement of about Rs 20,557 crore, LIC IPO goes to be the largest ever within the nation.
Up to now, the quantity mobilised from the IPO of Paytm in 2021 was the biggest ever at Rs 18,300 crore, adopted by Coal India (2010) at practically Rs 15,500 crore and Reliance Energy (2008) at Rs 11,700 crore.
LIC was shaped by merging and nationalising 245 personal life insurance coverage corporations on September 1, 1956, with an preliminary capital of Rs 5 crore.
Its product portfolio contains 32 particular person merchandise (16 collaborating merchandise and 16 non-participating merchandise) and 7 particular person elective rider advantages. The insurer’s group product portfolio contains 11 group merchandise.
As on December 2021, LIC had a market share of 61.6 per cent when it comes to gross written premium, 61.4 per cent when it comes to new enterprise premium, 71.8 per cent when it comes to the variety of particular person insurance policies issued, and 88.8 per cent when it comes to the variety of group insurance policies issued.
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