LIC IPO: Now investors can participate in initial share sale on Sunday too – SBI branches, exchanges to remain open

According to Shah, “On Sunday, almost all bank branches across the country will be open to accept LIC applications. Besides, the exchanges will also be open from 10:00 to 7:00 on Sundays for the IPO.”

Around Rs 21000-crore LIC IPO was launched on May 4 and is open for subscription: Reuters

To draw maximum interest of investors, State Bank of India’s (SBI) branches across the country will be open for the initial public offer (IPO) of Life Insurance Corporation of India (LIC) on Sunday, May 8, 2022, between 10:00 am to 4:00 PM, Zee Business Special Correspondent Anurag Shah said in his report on Friday.

Around Rs 21000-crore LIC IPO was launched on May 4 and is open for subscription. India's largest IPO, LIC, was subscribed 1.03 times at the end of Day on Thursday.

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The issue was oversubscribed on Day 2 as it received bids for 16,68,60,765 equity shares against the reserved quota of 16,20,78,067 shares. The portion reserved for policyholders was subscribed 3.11 times, employees and retail categories saw 2.22 times and 0.93 times bidding on Day 2.

According to Shah, “On Sunday, almost all bank branches across the country will be open to accept LIC applications. Besides, the exchanges will also be open from 10:00 to 7:00 on Sundays for the IPO.”

Moreover, India’s largest lender SBI has also come up with a special offer for LIC policyholder in order to invest money in the initial share sale of the insurer, the report also stated. Shah further said, “SBI is promoting to give IPO loan up to Rs 2 lakh instant loan at 9.85 per cent interest rate.”

Besides, “IPO loan of up to Rs 20 lakh for LIC employees at 7.10 per cent interest rate,” shall also be given, the special correspondent said, adding that the loan amount will be credited directly to the customer's savings account.

Senior citizens and people not associated with the online medium can fill out the form and submit it to the branch to invest money in LIC IPO, the Shah’s report also noted.

The price band for this IPO has been fixed at Rs 902-949 per equity share. The retail investors and eligible employees will get a discount of Rs 45 per equity share and policyholders will get a discount of Rs 60 per share.

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