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  LIC public offer, the country's biggest-ever IPO, on Wednesday opened for subscription for retail and institutional investors. The government aims to generate about Rs 21,000 crore by diluting its 3.5 per cent stake in the insurance behemoth. The LIC initial public offering (IPO), now open for retail and institutional investors, is set to close on May 9. 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, and policyholders will get a discount of Rs 60 per equity share. The share sale is through an offer-for-sale (OFS) of up to 22.13 crore equity shares. The shares are likely to be listed on May 17. LIC has cornered a little over Rs 5,627 crore from anchor investors led primarily by domestic institutions. Anchor Investors (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs 9...

The Centre is learnt to have set the price band for the initial public offering (IPO) of Life Insurance Corporation of India (LIC) at Rs 902-949 a share, and may offer a discount of Rs 60 to the policyholders. Retail investors and the employees of LIC, on the other hand, may get a discount of Rs 45 on subscribing to the shares of India’s largest insurer, a senior government official said. The board of LIC has approved the discount to be offered to the three categories, reservations for policyholders and employees, and the issue dates, the official added. The government may sell 221.3 million shares, or 3.5 per cent stake, in LIC through the offering. This would help the government garner Rs 21,000 crore, valuing the insurer at Rs 6 trillion. The Securities and Exchange Board of India has approved the reduction in the issue size, the official said. An exemption on lowering the issue size was required from the market regulator as the existing guidelines mandate a minimum offering o...