The government has time till May 12 to bring an IPO of Life Insurance Corporation (LIC) based on documents filed with the Securities and Exchange Board of India (SEBI). That is, if the government is not able to bring an IPO by May 12, then it will have to file new papers with SEBI stating the results of the December quarter. LIC's IPO can be brought till May 12 without filing new documents.
The government had earlier planned to go for an IPO in March for the sale of around 31.6 crore shares or a 5% stake in LIC. The IPO was expected to raise around Rs 60,000 crore. However, this IPO plan has been derailed because of the huge volatility in the stock market after the Russia-Ukraine crisis. After that, it was decided to postpone it.
RHP with price band to be filed soon
An official said that we have time till May 12 to bring the IPO based on the documents filed with SEBI. We are monitoring the volatility and will soon file the RHP along with the price band.
Documents will have to be filed again if IPO is not brought by May 12
If the government is not able to bring an IPO by May 12, then it will have to file fresh papers with SEBI stating the results of the December quarter. The official further said that though the volatility in the market has eased in the last 15 days, it will be waited for the market to stabilize further so that retail investors are confident of investing in the stock.
The biggest IPO will be
LIC's issue will be the biggest IPO ever in the Indian stock market. After listing, the market valuation of LIC will be at par with top companies like RIL and TCS. Before this, Paytm's issue was the biggest and the company had raised Rs 18,300 crore from IPO last year.
20% FDI allowed in LIC
Recently, the Union Cabinet has changed the FDI policy to include foreign investors in this IPO. Under this change, foreign investment has been allowed in LIC's IPO under the automatic route of up to 20%.
10% share reserve for policyholders
As per DRHP, a 10% share will be reserved for LIC policyholders under the reservation portion. Maybe they can get a discount of 5% on the share price.
IPO draft was submitted on February 13
The country's largest state-run insurance company had submitted the draft IPO (DRHP) to the market regulator SEBI on February 13, 2022. According to this, the company will sell about 31.6 crores or 5% shares. According to DRHP, 10% of shares will be reserved for LIC policyholders in the IPO. They may also get a discount of 5% on the share price. To take advantage of the reservation, the PAN of the policyholders should be updated.
Also Read: LIC's IPO gets SEBI approval, will raise Rs 63000 crore by selling more than 31 crore equity shares
PM Modi Mann Ki Baat Prime Minister Narendra Modi is addressing the first 'Mann Ki Baat' program
Boney Kapoor's daughter and Arjun Kapoor's sister, Anshula Kapoor, is one of the famous star kids
Even today, there has been no increase in the prices of petrol and diesel by the oil companies. I
India defeated South Africa in the third ODI and won the series 2-1. This was India's second bila
Today i.e. April 24, 2024, is the 51st birthday of Sachin Tendulkar (Happy Birthday Sac
Manipur Violence: Two buses used by security forces were set on fire by the mob, no casualties
Violence in Manipur is not taking the name of stopping. As soon as the government and the common
UNSC: China put obstacles in declaring Makki as a UN terrorist, stopped India and US proposal
China has once again turned down the efforts of India and America while supporting Pakistan on te
After Chandigarh, now a pub in Cyber City Gurugram has been attacked. A Human Pub in Sector
Imran Khan was blackmailed while PM, someone else had the real key to power!
A statement by PTI Chief and former PM Imran Khan has created panic in the politics of Pakistan.
Leader of Opposition in Lok Sabha and Congress MP Rahul Gandhi has left Hathras after meeting the
