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Life Insurance Corporation of India, the largest insurance company in the country, has decided to go public. The LIC IPO will take place from May 4 to May 9, sources said. The government will sell its 3.5 per cent stake in the public sector undertaking through an IPO. This will generate revenue of Rs 21,000 crore for the central government. Based on the IPO, LIC will be valued at Rs 6 lakh crore.
It seems that there will be a discount for retail investors who invest in LIC IPOs. Information that policyholders who invest in IPOs will get a discount of up to 10 per cent. The LIC IPO issue price is expected to be around Rs 940 per share. The Finance Ministry had earlier planned to launch the LIC IPO by March. But it has been postponed due to tensions between Russia and Ukraine. Earlier, it was reported that the central government would sell its 5 per cent stake in LIC. But now it seems that it is only 3.5 percent. Sources said the government could increase its share sale to 5 per cent if market demand picks up.
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