LIC IPO: Banks asked not to transfer officials identified for IPO related work until May 15- Details

As investors brace for India's largest IPO (initial public offering), the Ministry of Finance has asked bank officials assigned with the tasks related to Life Insurance Corporation (LIC) IPO be not transferred until May 15. The move by the ministry is to ensure that LIC IPO is executed without any disruption.  

"Department of Investment & Public Asset Management (DIPAM) has requested that the bank officials identified for the LIC IPO related work should be continued tentatively up to 15th May, 2022, so as to avoid any disruption of IPO related work," read a statement from Ministry of Finance.  

The letter from the ministry was addressed to State Bank of India chairman and Managing Director and CEO nationalized Banks.  

The advisory to banks related to transfer/posting of bank officials in view LIC IPO further said in light to the request, the undersigned is directed to say that the bank officials identified for the LIC IP related work may be continued in their present posting till May 15, 2022.  

Earlier, IC's initial public offering on Monday saw an 'excellent' response from anchor investors, PTI said quoting an official concerned. 

The anchor investor portion of LIC's initial public offering has been subscribed fully, garnering around Rs 5,620 crore, he said. 

The government is selling 22,13,74,920 shares in Life Insurance Corporation (LIC) at a price band of Rs 902-949 a share, targeting to raise about Rs 21,000 crore. The issue would be open for subscription for institutional and retail buyers from May 4-9. 

The retail investors and LIC employees will get a discount of Rs 45 per share, while LIC policy holders bidding in IPO would get a discount of Rs 60 a share