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In conversation with Manorama, state-owned insurance and investment firm's chairman M R Kumar opined that there is no point in waiting indefinitely despite unpredictable market conditions.
Only those who have bought their policy on or before February 13 will be eligible for the policyholder discount. They will get a discount of Rs 60 on each share.
The insurance giant will offer a Rs 60 discount for policyholders and Rs 40 for retail investors and employees.
Her ministry is the nodal authority for approving the recommendation of the Central Board of Trustees of Employees' Provident Fund Organization.
The resolution said that LIC was one of the biggest insurance companies in the world in terms of the number of policies and the efficiency in settling claims.
The bankers have told the Indian government that launching LIC's stock offering would make sense in the coming months when investors are more confident.
LIC's initial public offering (IPO) is expected to obtain regulatory approval by the first week of March, after which an indicative marketing price band will be set.
LIC's assets under management (AUM) stood at Rs 39.56 trillion as of September 30, 2021 - more than three times the total AUM of all private life insurers.
The government will sell over 31 crore equity shares of LIC, according to the draft red herring prospectus filed with Sebi.
The government has been pulling out all the stops to have the country's biggest IPO completed by the end of March to help bridge a deficit gap this fiscal year and it had put other privatisation plans on hold to complete this.