LIC sets price band at Rs 902-949 per share for Rs 21,000 cr IPO, opens May 4

Country's largest life insurer LIC on Wednesday set the price band at Rs 902-949 per share for its Rs 21,000 crore initial public offering (IPO), which will open on May 4.

At the upper end of the price band the government will garner around Rs 21,000 crore.

With this IPO, which is through an offer-for-sale (OFS) route, the government is looking to divest its 3.5 per cent stake in the state-run insurer by selling 22.13 crore shares.

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 issue will open for subscription on May 4 and to close on May 9. The bid lot for the issue would be 15.