LIC IPO: LIC employees will get discount on subscribing company's shares
Life Insurance Corporation of India (LIC) employees will get a discount on subscribing the company's shares under its initial public offer (IPO).
Government had earlier set a price band of Rs 902-949 a share and will offer a discount to retail investors also apart from LIC's employees.
A discount of Rs 45 per equity share will be given to LIC employees along with retail investors on subscribing the company's shares.
Similarly, a discount of Rs 60 per share will be given to LIC policy holders. However, only those LIC policy holders will be eligible for this discount who bought their policy on or before April 13, 2022, the day LIC had filed its draft red herring prospectus with Securities and Exchange Board of India (SEBI).
The board of LIC has approved the discount to be offered to the three categories, reservations for policyholders and employees, and the issue dates.
The IPO's subscription will open on May 4, 2022 and it will remain available for bidding till May 9, 2022. Government has fixed the price band for the LIC IPO from Rs 902 to Rs 949 per equity share.
