LIC IPO: Policyholders of PMJJBY will not get discount in the public offer coming next month, LIC issued clarification

LIC IPO: Policyholders of PMJJBY will not get discount in the public offer coming next month, LIC issued clarification

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new Delhi. Policyholders of Pradhan Mantri Jeevan Jyoti Bima Yojana will not get any exemption in LIC’s IPO. LIC, which is preparing for the IPO next month, clarified that PMJJBY is a group insurance product and its policyholders are not entitled to the discount.

Earlier, LIC Chairman MR Kumar had said two days ago that the policyholders of PMJJBY are also entitled to exemption in the IPO. After this statement of the chairman, the country’s largest insurance company has issued a statement making it clear that PMJJBI policyholders will not get any benefit in the upcoming IPO in March. Also said that the chairman of the company had said this unknowingly.

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Share capital was increased
To facilitate the IPO, the share capital of LIC was increased from Rs 100 crore to Rs 6325 crore during September last year. The DRHP, filed with market regulator SEBI on February 13, said the proposal is for sale of 5 per cent stake by the government for an estimated Rs 63,000 crore.

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Bid up to a maximum of two lakh rupees
According to the draft Red Herring Prospectus (DRHP) filed last week for the IPO, the eligible insureds of LIC will be given reservation in the IPO. Under this, the maximum bid amount per person will not exceed two lakh rupees. Those who have one or more LIC policies as on the date of opening of bids and who are residents of India can apply under Policyholder Reservation. The reservation so granted shall not exceed 10 per cent of the size of the IPO.

Till now 70 lakh people have updated PAN card
Till now 60-70 lakh policyholders of LIC have got their PAN card updated on its website. For the last two months, policyholders are rapidly updating their PAN card with the policy. In fact, those whose PAN cards are not updated in the policy will not be able to apply for shares under the reserve portion for policyholders. This is the reason why customers are updating fast.

There is a lot of discussion about IPO in the market
Amidst the pressure in the stock market after the Ukraine crisis, the Finance Minister has dismissed the speculations of postponement of LIC IPO, saying that the IPO is in discussion in the market. Investors are also showing great interest in this. For this reason, the government is moving ahead with this issue. LIC’s IPO is going to be the biggest IPO of the country so far.

Tags: LIC IPO, Life Insurance Corporation of India (LIC), PMJJBY

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