ANI
11 May 2022, 18:25 GMT+10
Mumbai (Maharashtra) [India], May 11 (ANI): Grey market premium of Life Insurance Corporation (LIC) shares turned negative on Wednesday indicating that the company may list on the stock exchanges below its issue price.
The recent volatility has led to a sharp drop in the grey market premium of LIC shares. At its peak, the grey market premium of LIC shares stood at Rs 95 per share. This was before the IPO opened for public subscription.
The initial public offering of LIC has been subscribed 2.95 times. The IPO opened for public subscription on May 4 and closed on May 9.
During the IPO subscription period, LIC shares enjoyed a premium in the range of Rs 8 to Rs 12 per share in the grey market.
Wednesday's grey market data showed that the LIC shares would list Rs 15 below its issue price. However, policyholders and employees would still make a profit as they have got discounts.
The country's largest insurer LIC has set its price band for the Initial Public Offer (IPO) at Rs 902 to Rs 949 per equity share. As the IPO is fully subscribed, the issue price stands at Rs 949 per share.
Policyholders have received a discount of Rs 60 per equity share, while retail investors and employees have been offered a discount of Rs 45 on each share.
The share allotment of LIC is scheduled to be done on May 12 and the country's largest insurer will be listed on the stock exchange on May 17. (ANI)Get a daily dose of Kolkata Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Kolkata Sun.
More InformationIn the past month alone, 23 Israeli soldiers have been killed in Gaza—three more than the number of remaining living hostages held...
LONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
WASHINGTON, D.C.: After months of warnings from former federal officials and weather experts, the deadly flash floods that struck the...
RIO DE JANEIRO, Brazil: At a two-day summit over the weekend, the BRICS bloc of emerging economies issued a joint declaration condemning...
DHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...
NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
SMPL New Delhi [India], July 11: Four years, Three continents, Two best-in-class universities and Two degrees. Symbiosis International...
Bhubaneswar (Odisha) [India], July 11 (ANI): Congress chief Mallikarjun Kharge on Friday lambasted the ruling Bharatiya Janata Party...