LIC IPO: Insurers reaches out to its policyholders on eve of public offer

Ahead of its initial public offering, insurance behemoth LIC on Tuesday approached its policyholders through SMS and other medium to inform them about the share sale. The Initial Public Offering (IPO) of LIC opens for retail and institutional investors on Wednesday and will close on May 9. LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will also get a discount of Rs 45 per equity share and policyholders will get a discount of Rs 60 per share. The share sale is through an Offer-For-Sale (OFS) of up to 22.13 crore equity shares. The shares are likely to be listed on May 17. "LIC filed red herring prospectus(RHP) dt 26.4.22 with SEBI/Stock Exchanges for its IPO reserving shares for eligible policyholders. For details & risks in investing in LIC IPO and disclaimers, see RHP and links....," said the SMS sent by the insurer to the ...

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