New Delhi
If all goes well, the Life Insurance Corporation of India's (LIC) initial public offering or IPO could hit the market on March 11. A report by an all-India news portal claims that this is what is being said about the arrival of the country's largest IPO worth কোটি 800 million. They said that the book for bidding would be opened by other investors in a few days.
LIC's IPO is expected to be approved by the Securities and Exchange Board of India (SEBI), the market regulator, in the first week of March. An indicative marketing price band will then be set, the source said. The draft Red Herring Prospectus (DRHP) was submitted to SEBI last Sunday.
In her budget speech in Parliament on February 1, Finance Minister Nirmala Sitharaman said LIC's IPO would hit the market in the current financial year. In the central budget of 2021, the center had proposed to raise money in the government treasury by releasing LIC's IPO in the market. According to the DRHP, up to 10 per cent of the issue outside the market will be allocated to policyholders.
It has been said that all the people residing in India who have one or more policies till the launch of the offer, can apply for the benefit from that allotment. For this, however, they have to update the PAN by February 28. This can be done directly or with the help of an agent on the LIC website. Otherwise the concerned policyholder will not be considered eligible for that benefit.
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