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LIC IPO: FinMin Prohibits Transfer Of Associated Bank Employees
The Finance Ministry has issued a directive related to employees to the heads of public sector banks. In this direction, it was said that banks associated with LIC IPO should not be transferred till May 15
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The Finance Ministry has issued a directive related to employees to the heads of public sector banks. In this direction, it is said that the employees of banks associated with LIC's IPO should not be transferred till May 15.
The directive has been issued on behalf of the Department of Financial Affairs working under the Ministry of Finance. LIC is the biggest IPO of the country till date. It was open for anchor investors on May 2. It will open for general investors on 4 May 2022 and will close on 9 May 2022.
On behalf of the government, the price band of LIC's IPO has been fixed from Rs 902 to Rs 949 per share. There will be 15 shares in one lot. Earlier on May 2, LIC's IPO got a tremendous response from anchor investors receiving full subscription of Rs 5,620 crore.
Shares of Rs 5,620 crore were reserved for anchor investors. It is fully subscribed in this segment. Now this IPO will open for other investors on Wednesday. The government aims to raise Rs 21 thousand crore from this IPO.
Under the IPO, the government is selling 22,13,74,920 shares of LIC. Retail investors and eligible employees will get a discount of Rs 45 per share, while LIC policyholders will be able to get a discount of Rs 60 per share.
(Input from Agencies)