Life Insurance Corporation

The life insurance giant is coming out with a premium initial public offering (IPO). Spice Money offers essential digital financial and e-retail services such as cash deposit and Aadhaar led withdrawals, mini ATM services, bill payments and recharge, money transfers, loans, tours and travel and more to the rural citizens through Spice Money Adhikari App.

Also, the policyholders will be offered a Rs 60 discount, while for retail investors, the discount will be Rs 45, the sources said. The long-awaited Initial Public Offering (IPO) is likely to open for investors on May 4 and will remain open to subscription till May 9.

“Bankers and officials are preparing to shift the listing of the state-owned insurer to after the current fiscal year which ends in March,” TOI reports. The reason behind the delay is the ongoing crisis in Russia which has sent the global markets in red amid soaring prices of crude and food as well as worries about inflation.

Addressing a press conference, he said that if the need for growth capital arises, then the LIC may approach the Centre as well as the new shareholders post the IPO. Besides, he reassured prospective investors not to worry about the Centre's control post the listing as the company's decisions are taken by its Board and not by the Centre. However, the Centre will have a 95 per cent stake even after the IPO.

Life Insurance Corporation of India (LIC) IPO is all set to launch in the month of March before the end of the current fiscal year. With 61 percent share of the new premium collected and over 72 precent share in the insurance policies sold in India while commanding assets worth INR 39.7 trillion, the IPO is expected to set records vis-à-vis retail subscription. LIC IPO set to create new record in Indian market; Key points

Life Insurance Corporation of India is all set to issue its eagerly-awaited Initial Public Offering (IPO). LIC plans to sell 5 percent of its stake via the public offer. This has been touted as India’s largest IPO which has been predicted to fetch anywhere between Rs 60,000 crore to Rs 70,000 crore as per reports. This will make LIC the largest company in India by market capitalization. Amid this IPO frenzy, here’s a list of India’s top 10 IPOs issued ever:  

The LIC in its Draft Red Herring Prospectus (DRHP) has said the Insurance Regulatory and Development Authority of India (IRDAI) has stipulated that pension, group and life annuity funds to be invested in "Approved Investments", which include Central government securities, state government securities and other approved securities.

The insurer is looking to sell the Centre's five per cent equity stake in the company via its upcoming IPO, the DRHP document showed. The Centre aims to offload a total of 316 million equity shares to investors through the public offering of the 6.32 billion outstanding shares, the document showed. The Centre wishes to conclude the IPO by the end of FY22 ending March 2022.

In a written reply to a question raised in the Rajya Sabha, Karad on Tuesday said the central government on an application made by the LIC allowed the utilization of its free reserves for increasing its paid-up capital. "As a result, the paid-up capital of LIC increased to Rs 6,324.99 crore, as on 31.12.2021," he said. He said, LIC had paid a dividend of Rs 2,610.75 crore in 2019-20 to Government of India from the profits of 2018-19.

It's important to note that markets hit key resistance levels on the way up, and reacted quite sharply from such levels. The range for the week was 56,400 - 59650 on BSESENSEX while it was 16,825 - 17,800 on NIFTY. This would continue to be the range for the coming week as well with a couple of factors deciding the direction. However, volatility would be the norm and even though the net change may not be as much on a daily basis the swings would remain. Key factors would be the net sales by FII's and global markets.