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LIC IPO has been very well lifted by large domestic investors despite issues: DIPAM secretary

LIC IPO has been very well lifted by large domestic investors despite issues: DIPAM secretary

The DIPAM secretary Tuhin Kanta Pandey further said that this could be a fine example of Aatmanirbhar Bharat where domestic investors have backed such a large issue.

The DIPAM secretary further said that this could be a fine example of Aatmanirbhar Bharat where domestic investors have backed such a large issue. The DIPAM secretary further said that this could be a fine example of Aatmanirbhar Bharat where domestic investors have backed such a large issue.

Tuhin Kanta Pandey, the secretary at the government's Department of Investment and Public Asset Management (DIPAM), on Monday, in an interview to Business Today Television, has said that the initial public offer of the national insurer Life Insurance Corporation of India (LIC) has seen a tremendous response from domestic investors despite external factors impacting the launch of the IPO.

"We have worked very hard of it. People of India have a lot of loyalty, respect for LIC. It has been the largest issue in the history, and under such conditions has been very well lifted by the domestic investors including policyholders, employees, retailers. It is also leading to deepening of capital markets," Pandey said.

The DIPAM secretary further said that this could be a fine example of Aatmanirbhar Bharat where domestic investors have backed such a large issue. He also added that the allotment of LIC IPO will take place on May 12.

"LIC IPO subscribed 2.95 times on the final day which opened on May 4 received bids for 47.83 crore equity shares against 16.20 crore shares on the offer. Many new Demat accounts opened due to LIC IPO," Pandey said.

Though the issue size was pegged at Rs 21,000 crore, the government expects to raise Rs 20,500 crore from the IPO because of the discounts offered to retail investors and policy holders. The exact amount will be worked out once applications are vetted on May 12," Alok Pande, DIPAM official, added.

Sanjay Malhotra, Secretary, Department of Financial Services (DFS) also said that going forward the LIC board like always will take decisions in the interest of policy holders, who are supreme. "The corporation exists for the consumers, and they along with the shareholders are the vital part of it," he said.

Published on: May 10, 2022, 12:53 PM IST
Posted by: Vivek Dubey, May 10, 2022, 12:47 PM IST