LIC IPO Update: Now open Demat account on Common Service Centres; quota for policyholders, says advertisement

LIC India IPO: Life Insurance Corporation of India (LIC) has released an advertisement in newspapers regarding the Initial Public Offering (IPO) which is slated or a March launch. The advertisement says that people without demat accounts will now be able to open accounts at Common Service Center.

The state-run insurer has filed the Draft Red Herring Prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) paving the way for the most-awaited public issue of the year. 

Life insurance policyholders who have one or more than one policy on the DRHP submission date, i.e. February 13, 2022, shall be eligible for claiming the quota benefit.

Life Insurance Corporation of India (LIC) has asked all its policyholders to update their Permanent Account Number (PAN) details in their policy record by February 28 to be eligible for participating in its upcoming public issue, according to the draft red herring prospectus (DRHP).

Additionally, policyholders can visit to open their Demat account

CDSL:  https://www.cdslindia.com/DP/dplist.aspx

, and

NSDL: https://nsdl.co.in/Open_NSDL_Demat_Account.php

On February 13, the state-run insurer filed draft papers with capital market regulator Sebi for the sale of a 5 per cent stake by the government for an estimated Rs 63,000 crore.

The initial public offering (IPO) of over 31.6 crore shares or 5 per cent government stake is likely to hit the market in March, and employees and policyholders of the insurance behemoth would get a discount over the floor price.