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LIC now has a market value of around Rs 5.54 lakh crore rupees ($71.54 billion) and is India's fifth-biggest company.
A bunch of policy holders had moved the apex court alleging violation of the LIC Act.
The writ petition was filed by policyholders, said Thomas Franco Rajendra Dev, Joint Convenor of NGO People First and the case is listed for Thursday.
Against 16,20,78,067 shares on offer, 16,68,60,765 bids were received – translating into a subscription of 1.03 times, as per data on stock exchanges as of 7 pm.
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 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 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.