Mumbai: Life Insurance Corporation of India (LIC) has requested all the policy holders to update their permanent account number (PAN) details in their policy record on February 28 to be eligible to participate in future public problems, according to the design of the red herring prospectus (DRHP).
On February 13, the insurance company managed by the government proposed a draft paper with a capital market regulator for sale 5 percent of the government to estimated RS 63,000 Crore.
Initial Public Offering (IPO) of more than 31.6 crore shares or 5 percent of government ownership is likely to regard the market in March and employees and the giant insurance policy holder will get a discount on price.
“Our company policy holders must ensure that the details of the pan are updated in our earlier company policy notes.” Policy holders who have not updated their pot details with our company before our two years from the date of the submission of this DRHP with SBI (i.e., on February 28, 2022) will not be considered a policy holder who qualifies, “according to the DRJA.
PAN PAN can done on the LIC website either directly or with the help of agents.
Furthermore said the policy holder has one or more LIC policies on the DRHP date and the opening date of the offer / offer and which is an Indian occupant will be eligible to register in this offer, below the portion Ordering Policy Holders.
The eligible policy holder should not exceed 10 percent of the total size of the supply.
Part of the offer available for allocations to policyholders who qualified proportionally subjected to receipt of the approval needed from the government.
Lic issued around 21 million individual policies in FY 2021, accounted for almost 75 percent of P ENERBITY of new individual policies.
IPO is offered for sale (OFS) by the Indian government.
There is no new stock problem with LIC.
The government holds 100 percent of the shares or more than 632.49 crore shares in LIC.
The nominal value of the stock is Rs 10 each.
LIC public problems will be the biggest IPO in the history of the Indian stock market.
After being registered, the LIC market assessment will be proportional to top companies such as RIL and TCS.
The IPO from LIC is estimated in March and the results will be very important to meet the RS 78,000 Crore Revised Disinvestment target at the current fiscal.
Lic stock capital was raised from Rs 100 Crore to Rs 6,325 Crore during September last year to help facilitate IPOs.
Last month, Lic reported earnings after RS 1,437 crore tax for the first half of the financial year 2021-22 compared to Rs 6.14 Crore in the period last year.
The growth rate of his new business premium reached 554.1 percent in the first half of 2021-22, compared with 394.76 percent during last year’s period.
The LIC policy holder needs to update PAN details to participate in the IPO
