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The Centre has raised around Rs 21,000 crore from selling a 3.5 per cent stake in LIC
Shares of Life Insurance Corporation of India (LIC) made a tepid debut on Indian stock exchanges today. The Centre priced LIC’s record-breaking initial public offering (IPO) last week at Rs 949, the top of the indicated range. It has raised around Rs 21,000 crore from selling a 3.5 per cent stake in the state-owned insurer.
Here are the live updates on LIC listing:
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As of 10:01 am, LIC shares were trading 4.85 per cent lower at 902.95 on BSE. On NSE, the stock was down 3.61 per cent, at Rs 914.75.
Tepid Debut
On BSE, shares of LIC got listed at a discount of 8.62 per cent — at Rs 867.20 — over the issue price of Rs 949. The stock got listed at a discount of 8.11 per cent at Rs 872 on the NSE platform.
As of 9:43 am, LIC shares were seen trading at a discount of 12.64 per cent — at Rs 829 — ahead of listing, BSE data showed.
The proceeds from the LIC issue make up for about a third of the Rs 65,000 crore disinvestment target set for the current fiscal.
The IPO closed with nearly 3 times subscription. LIC had last month reduced its IPO size to 3.5 per cent from 5 per cent decided earlier due to the prevailing choppy market conditions.
LIC recieved a good response from domestic investors in the initial share sale. The IPO closed on May 9 and shares were allocated to bidders on May 12. The shares will list on the BSE and NSE.
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