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.

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.

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

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

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

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

Source: Money Control