LIC IPO launch date to discounts for employees, policyholders; Top points
India Today
Even if the LIC IPO's launch is delayed, employees and policyholders of the insurance behemoth would get a discount over the floor price whenever the initial public offering opens for subscription.
LIC's IPO is likely to be delayed till mid-April, according to a Reuters report. The initial public offering (IPO), which is touted to be the country's biggest ever initial share sale, was originally planned to be launched in March. However, Russia's invasion of Ukraine has derailed the plans as stock markets are highly volatile currently.
The Department for Promotion of Industry and Internal Trade (DPIIT) on Monday notified of a government decision to allow up to 20 per cent foreign direct investment (FDI) in IPO-bound LIC with the aim of facilitating disinvestment of the country's largest insurer.
The Union Cabinet had in February approved the decision on FDI in the insurance behemoth.
The notification has inserted a paragraph in the existing policy allowing up to 20 per cent FDI in LIC through the automatic route.
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