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LIC fixes price band at Rs 902-949/share for Rs 21,000-cr IPO

New Delhi, April 26 Insurance behemoth LIC has fixed the price band at Rs 902-949 per share for its Rs 21,000-crore public offer. It would offer a Rs 60 discount for policyholders and Rs 40 for retail investors and employees....
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New Delhi, April 26

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Insurance behemoth LIC has fixed the price band at Rs 902-949 per share for its Rs 21,000-crore public offer. It would offer a Rs 60 discount for policyholders and Rs 40 for retail investors and employees. The issue is likely to open for subscription on May 4 and close on May 9, and the bid lot would be 15. Anchor investors can subscribe to the shares on May 2.

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The LIC has reserved 2.21 crore shares or 10% of the issue size for its policyholders and 15 lakh shares for its employees. After these reservations, 50% of the remaining shares will be allocated to qualified institutional buyers (QIBs), 35% to retail investors and 15% to non-institutional investors.

The government has also filed papers with SEBI seeking exemption from the 5% stake sale norm for companies with a valuation of over Rs 1 lakh crore as it now wants to offload only 3.5% stake.

In February, the draft red herring prospectus filed by the LIC had intended to sell 5% stake or 31.6 crore shares. The original intention was to sell 10% of the holding in the maiden IPO.

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