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As global views remain mixed, domestic equity markets are expected to open flat. The SGX Nifty futures were quoted 16,223 levels at 7:26 a.m., indicating a 30-40 point fall for the 50-pack index.
Life Insurance Corporation (LIC) debuted on the stock exchange today on a sour note, with shares trading at Rs 872 per share on the NSE, a fall of almost 8% from its IPO price.
According to data available with the exchanges, Life Insurance Corp's IPO, India's largest initial share sale, was subscribed 2.95 times on the final day of bidding on Monday.
The Life Insurance Corporation of India's first public offering garnered a strong reaction from investors, with the insurance giant's offering being subscribed 2.94 times.
The All India Bank Officers' Confederation (AIBOC), the banking industry's apex body, has objected to the RBI's decision to open ASBA-designated branches on Sunday, May 8, to facilitate LIC IPO subscription.
The Centre is also trying to confirm participation from international sovereign and pension funds that had expressed interest in the public offering previously.
The Government of India owns the insurance giant & plans to sell a 3.5% stake of the company to raise Rs 21,000 crore.
LIC is set to soon open its IPO on May 2 according to sources where the Offloading stake has also been changed due to the current geopolitical crisis.
India's largest public offering of Life Insurance Corporation of India (LIC) has received the nod from the capital market regulator Sebi to float the mega IPO.
Sunil Agarwal was the CFO of Reliance Nippon Life Insurance for 12 years. Before that, he has worked with ICICI Prudential Life Insurance for 5 years.
The government had set a March deadline for the IPO, and the IPO paperwork submitted on Feb 13 estimated the insurance giant's underlying value at Rs 5.4 trillion.
If the report is to believed, it is possible that government and Life Insurance Corporation of India can sell their whole stake in the lender
Sitharaman also said that there was a “lot of positivity” around the upcoming initial public offer (IPO) of Life Insurance Corporation.
The IPO proposal was cleared by IRDAI in its board meet yesterday. The LIC DRHP filing with SEBI is likely to happen tomorrow, i.e on February 11, 2022.
The shareholding data comprises 278 companies where LIC’s stake surpasses 1 percent.
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