The market leading insurer and financial conglomerate Life Insurance Corporation of India (LIC) has mentioned that every policyholder shall have to ensure that his / her PAN details are updated in the policy records of the Corporation on or before 28th February 2022 in order to be considered an Eligible Policyholder for application in the forthcoming Public Issue.
The aggregate of reservations for Eligible Policyholder(s) shall not exceed 10% of the total Offer size. LIC and the Government of India, in consultation with the BRLMs, may offer a discount to the Offer Price to Eligible Policyholder(s), subject to necessary approvals as may be required, and which shall be announced at least two Working Days prior to the Bid / Offer Opening Date. LIC is proposing an Initial Public Offer (IPO) of up to 316,249,885 Equity Shares of face value of ₹10 each through an Offer for Sale. The Employee Reservation Portion shall not exceed 5.00% of LIC’s post-Offer Equity Share capital.
LIC was recognized as the third strongest and tenth most valuable global insurance brand according to the “Insurance 100, 2021 Report” released by Brand Finance. Brand LIC was recognized by WPP Kantar as the second-most valuable brand in India in the report BrandZTM Top-75 Most Valuable Indian Brands for 2018, 2019 and 2020.