The Reserve Bank of India (RBI) has mentioned that every one ASBA-designated financial institution branches will stay open for public on Sunday to facilitate processing of functions for LIC’s preliminary public providing.
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 and there might be bidding on May 7 (Saturday) additionally.
The Government of India, as a way to facilitate bidding for LIC IPO, has requested that every one financial institution branches designated to course of ASBA (Application Supported by Blocked Amount) functions could also be saved open for public on May 8, 2022, (Sunday), RBI mentioned in an announcement on Wednesday.
“The matter has been examined and it has been decided that banks may keep all their ASBA designated branches open on May 8, 2022 (Sunday) for the above purpose,” it mentioned.
Generally, ASBA is the mechanism via which traders apply for shares in a public challenge.
On Wednesday, the primary day of the IPO, the retail portion has been oversubscribed whereas the general subscription stood at 0.64 per cent.
The authorities goals to generate about Rs 21,000 crore by diluting its 3.5 per cent stake within the insurance coverage behemoth.
LIC has mounted the value band at Rs 902-949 per fairness share for the difficulty. 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, and policyholders will get a reduction of Rs 60 per fairness share.
The share sale is thru the Offer For Sale (OFS) of as much as 22.13 crore fairness shares and the itemizing is probably going on May 17.
Source: www.financialexpress.com”