The much-awaited initial share sale of Life Insurance Corporation of India (LIC) set to open for subscription on Wednesday. The insurance behemoth stated that it has garnered around Rs 5,627 crore from anchor investors ahead of the initial public offering (IPO).
Here Are The LIVE Updates On LIC IPO:
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The Centre plans to raise Rs 21,000 crore by diluting a 3.5 per cent stake in LIC. For an IPO, the valuation would be the highest ever in the Indian market. Before this, the highest fundraise was seen in Paytm IPO last year at Rs 18,300 crore and Coal India in 2010 at Rs 15,200 crore.
Investors can bid for a minimum of 15 shares (one lot) for Rs 14,235 at the upper end of issue price.