Ever for the reason that Life Insurance Corporation (LIC) introduced launching the preliminary public providing (IPO), 6.48 crore LIC policyholders have proven curiosity to get the much-touted share of the most important insurance coverage firm within the nation, an official stated.
“The response to our IPO launch is wonderful. We have some figures: 6.48 crore policy holders have linked their PAN number with the policy details up to the cut-off date (February 28, 2022),” Rahul Jain, director of the Department of Investment and Public Asset Management (DIPAM) within the Ministry of Finance, advised reporters.
The LIC has set a worth band of Rs 902-Rs 949 per fairness share. The authorities intends to boost Rs 21,000 crore by means of the difficulty.
The officer stated 10 per cent reservation is given to the policyholders within the IPO, whose shares have been earmarked.
“Whosoever is the policyholder, if they have linked their PAN with the policy details by February 28, they are eligible to participate in the LIC IPO through reservation category,” Jain stated.
Explaining, the DIPAM director stated anyone who’s a policyholder can make investments as much as Rs two lakh within the reservation class and in addition Rs two lakh within the retail class. The LIC policyholders would get Rs 60 low cost within the IPO, he added.
According to Jain, the 6.48 crore policyholders are eligible to take part within the IPO in the event that they open their DMAT account.
“As of now, through the depositories we could make out that around 1.21 crore DMAT accounts have been opened by the policyholders,” Jain stated.
To a question on why the LIC meant to drift, Jain stated the federal government needs to carry company governance to the LIC and “to share the good stories.” “The true value of the company is determined in the capital market. So you have to start with the capital market,” Jain stated.
The bid opens on May 4 and closes on May 9. Minimum bid lot is 15 shares and in multiples of 15 fairness shares thereafter.
Source: www.financialexpress.com”