A big update has come out for the investors from the Reserve Bank of India. Now you will be able to invest money in the Initial Public Offering (IPO) of Life Insurance Corporation of India (LIC) even on weekends. That is, in simple words, investors will be able to apply for LIC’s IPO on Saturday and Sunday also. Let us inform that the membership process of LIC’s IPO was opened for retail and institutional investors on Wednesday i.e. 4th May and it will be closed on 9th May. At the same time, bidding for its shares will also be done on Saturday, May 7.
The Reserve Bank of India (RBI) has said that all Application Supported by Blocked Amount (ASBA) bank branches will be open to the public on Sunday to process applications for LIC’s IPO. The Government of India has also informed investors through the media about bidding for LIC IPO. That is, in the meantime, if you also want to invest money in LIC’s IPO, then you can apply.
RBI said in a statement on Wednesday that all bank branches designated for processing ASBA applications may be kept open for public on May 8, 2022 (Sunday). It was further said that the decision has been taken after investigation in this matter.
What is ASBA
Application Supported by Blocked Amount is the mechanism through which investors apply for shares in a public issue. After the application, investors can bid for it.
lic ipo price
The government aims to earn around Rs 21,000 crore by selling its 3.5 per cent stake in the insurance giant. LIC has fixed a price band of Rs 902 to Rs 949 per equity share for the issue. The company has included reservation for eligible employees and policyholders.
how much discount will you get
Under this, 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 share sale is through an offer for sale (OFS) of 22.13 crore equity shares and the listing is likely to take place on May 17.