LIC IPO Date Released, Expected to Open on May 4

The initial public offering (IPO) of the largest and oldest insurance company in India, LIC, is likely to open on May 4.

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CNBC TV18 reported that the issue may close on May 9, adding the anchor book for the LIC IPO is likely to open on May 2.

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The Life Insurance Corporation of India (LIC) is planning to sell a 3.5% stake or 22 crores shares to raise Rs 21000 crores.

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The price band for the IPO has not been confirmed yet but the LIC board will meet soon to discuss the matter.

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Previously LIC was planning to sell 31.6 crore shares in a 5 percent stake sale, but the plan was deferred.

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As per the LIC Act, the government can reserve up to 10 percent for the policyholders.

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