LIC fixes price band at Rs 902-949 a share for Rs 21,000 crore IP

Insurance giant LIC has fixed the price band at Rs 902-949 per share for the Rs 21,000 crore public offer that is likely to open on May 4.

According to sources, Life Insurance Corporation (LIC) would offer a Rs 60 discount for policyholders and Rs 40 for retail investors and employees.

The issue is likely to open for subscription on May 4 and is expected to close on May 9.

The government had, in February, planned to sell a five per cent stake or 31.6 crore shares of the insurance behemoth and had filed draft papers with Sebi.

However, the IPO plans faced headwinds due to the ongoing market volatility amid the Russia-Ukraine war.

Last week, the government decided to lower the issue size to 3.5 per cent.