NEW DELHI: India’s greatest preliminary public supply (IPO) by insurance coverage behemoth Life Insurance coverage Company (LIC) was totally subscribed on day 2 bidding, knowledge from exchanges confirmed.
Bids had been acquired for 16.25 crore shares as in opposition to 16.20 shares being provided on the market by LIC.
The portion reserved for policyholders and workers acquired probably the most variety of subscriptions. Whereas, the policyholders’ portion was subscribed 3.07 instances, that for workers was subscribed 2.14 instances.
In comaprison, certified institutional purchaser (QIB) and non-institutional investor (NII) portion has acquired a tepid response up to now. Non-institutional traders’ section was subscribed to 46 per cent, whereas QIBs’ portion was barely decrease at 40 per cent.
Retail particular person traders picked up almost 91 per cent of the 6.9 crore shares put aside for this section.
The IPO opened for subscription on Might four and can keep open till Might 9, together with Saturday and Sunday.
Worth band for the IPO has been fastened at Rs 902-949 per fairness share.
The supply features a reservation for eligible workers and policyholders. The retail traders and eligible workers will get a reduction of Rs 45 per fairness share, whereas policyholders will get a reduction of Rs 60 per share.
The federal government goals to generate about Rs 21,000 crore by diluting its 3.5 per cent stake within the insurance coverage conduct.