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LIC Sets Price Band At Rs 902-949 Per Share For Rs 21,000 Crore IPO, Opens May 4

With this IPO, which is through an offer-for-sale (OFS) route, the government is looking to divest its 3.5 per cent stake in the state-run insurer by selling 22.13 crore shares.

The country's largest life insurer LIC on Wednesday set the price band at Rs 902-949 per share for its Rs 21,000 crore initial public offering (IPO), which will open on May 4.

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At the upper end of the price band, the government will garner around Rs 21,000 crore.

With this IPO, which is through an offer-for-sale (OFS) route, the government is looking to divest its 3.5 per cent stake in the state-run insurer by selling 22.13 crore shares.

The 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 issue will open for subscription on May 4 and close on May 9. The bid lot for the issue would be 15. 

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