Congress chief Rahul Gandhi on Thursday accused the Modi authorities of undervaluing insurance coverage behemoth LIC, asking why considered one of India’s Most worthy property was being offered at a “throwaway price”.
State-owned LIC’s Initial Public Offering (IPO), the nation’s largest ever supply, opened for subscription by retail and institutional traders on Wednesday. The supply will shut on May 9 (Monday).
Also Read — LIC IPO absolutely subscribed on day 2; supply closes on May 9
LIC has mounted the worth band at Rs 902-949 per fairness share for the problem. The supply features a reservation for eligible staff and policyholders. The retail traders and eligible staff will get a reduction of Rs 45 per fairness share, whereas policyholders will get a reduction of Rs 60.
In a tweet, Gandhi stated, “13.94 Lakh Employed, 30 Crore Policyholders, 39 Lakh Crore in Assets, World #1 – ROI for Shareholders. Yet, Modi Govt has undervalued LIC.”
“Why is one of India’s most valuable assets being sold at a throwaway price?” the previous Congress chief stated.
The Congress final Tuesday had additionally questioned the pricing of shares, alleging they’re undervalued and being provided at throwaway costs at the price of the belief of 30 crore policyholders.
The LIC public supply, the nation’s biggest-ever IPO, was subscribed 90 per cent until midday by traders on the second day of bidding on Thursday.
Of the whole, the policyholder portion was subscribed almost thrice whereas the reserved staff’ phase was subscribed 1.8 occasions, as per the info on inventory exchanges.
The authorities goals to generate about Rs 21,000 crore by diluting its 3.5 per cent stake within the insurance coverage behemoth.
Source: www.financialexpress.com”