The initial public offering of LIC had, however, received robust response from investors as the insurance major's offer has been subscribed 2.89 times.
In a step to reduce filing hardcopies of various actuarial returns, the Indian insurance regulator on Wednesday said that insurers will file them in a digital format.
Though the government has brought down the issue size from 5 per cent to 3.5 per cent, it is a landmark public issue in the history of the Indian capital market and is poised to be India's biggest IPO till date.
The long-awaited IPO of LIC will remain open for subscription till May 9.
It will be a landmark public issue in the history of the Indian capital market and is poised to be India's biggest IPO till date.
LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, while policyholders will get a discount of Rs 60 per share.
LIC's embedded value, which is a measure of the consolidated shareholders value in an insurance company, was pegged at about Rs 5.4 lakh crore as of September 30, 2021, by international actuarial firm Milliman Advisors.
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