LIC IPO: Banks asked not to transfer officials identified for IPO related work until May 15- Details
As investors brace for India's largest IPO (initial public offering), the Ministry of Finance has asked bank officials assigned with the tasks related to Life Insurance Corporation (LIC) IPO be not transferred until May 15
As investors brace for India's largest IPO (initial public offering), the Ministry of Finance has asked bank officials assigned with the tasks related to Life Insurance Corporation (LIC) IPO be not transferred until May 15. The move by the ministry is to ensure that LIC IPO is executed without any disruption.
"Department of Investment & Public Asset Management (DIPAM) has requested that the bank officials identified for the LIC IPO related work should be continued tentatively up to 15th May, 2022, so as to avoid any disruption of IPO related work," read a statement from Ministry of Finance.
The letter from the ministry was addressed to State Bank of India chairman and Managing Director and CEO nationalized Banks.
The advisory to banks related to transfer/posting of bank officials in view LIC IPO further said in light to the request, the undersigned is directed to say that the bank officials identified for the LIC IP related work may be continued in their present posting till May 15, 2022.
Earlier, IC's initial public offering on Monday saw an 'excellent' response from anchor investors, PTI said quoting an official concerned.
The anchor investor portion of LIC's initial public offering has been subscribed fully, garnering around Rs 5,620 crore, he said.
The government is selling 22,13,74,920 shares in Life Insurance Corporation (LIC) at a price band of Rs 902-949 a share, targeting to raise about Rs 21,000 crore. The issue would be open for subscription for institutional and retail buyers from May 4-9.
The retail investors and LIC employees will get a discount of Rs 45 per share, while LIC policy holders bidding in IPO would get a discount of Rs 60 a share
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Top 5 Defence PSU Stocks: Investors buying 1 unit of top PSU defence stock a month made Rs 40,299.40 on Rs 23,003.25 investment in 1 year
Highest Temperature in Delhi: Minister asked for confirmation whether Delhi temperature reached 52.3 degrees; here's how IMD responded
Rs 5,000 and 10,000 monthly deposits give you Rs 3,56,830, and Rs 7,13,659 on maturity in this small savings scheme
Central Railways' 63-hour mega block to hit Mumbai local train services, check dates and other details
Gold and Silver rate today (May 30, 2024): Precious metal futures trade in red; yellow metal near Rs 72,000, white metal falls by nearly Rs 1,500
Axis Direct has 'buy' calls on these 3 stocks for up to 15% gain in 15 days, check targets and stop loss
Shark Tank India: This startup gets blank check offer as revenue soars 10 times in 15 months, resulted in clash between judges
EDLI Scheme: Do you know EPFO provides Rs 7 lakh insurance cover to every member? Know about calculation, contribution, and claim process
08:55 AM IST