NEW DELHI: The price band for Life Insurance Corporation‘s (LIC) mega initial public offering (IPO) has been set at Rs 902-949, news agency Reuters reported quoting sources.
The issue is likely to open on May 4 and close on May 9.
The IPO, through which the government will sell 3.5 per cent stake in state-owned Life Insurance Corporation (LIC), will fetch Rs 21,000 crore to the exchequer.
The IPO values LIC at Rs 6 lakh crore.
The government had in February planned to sell 5 per cent stake or 31.6 crore shares in the insurance behemoth and had filed draft papers with Sebi.
However, the IPO plans faced headwinds from the ongoing market volatility due to the Russia-Ukraine war.
The issue is likely to open on May 4 and close on May 9.
The IPO, through which the government will sell 3.5 per cent stake in state-owned Life Insurance Corporation (LIC), will fetch Rs 21,000 crore to the exchequer.
The IPO values LIC at Rs 6 lakh crore.
The government had in February planned to sell 5 per cent stake or 31.6 crore shares in the insurance behemoth and had filed draft papers with Sebi.
However, the IPO plans faced headwinds from the ongoing market volatility due to the Russia-Ukraine war.
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