LIC IPO Announced: Offer to open on May 4 for retail investors

Govt announces the much awaited LIC IPO - to open on May 4 to May 9. The issue to open for anchor investors on May 2. 

Shares for the state-owned insurer said the government will be selling shares in the price band of Rs 902-949.  Retail and employees will get Rs 45 discount, while policyholders will get Rs 60 discount.

Investors can bid for shares in a lot size of 15 shares. There is an employee reservation of 1.58 crore shares while 2.21 crore shares are reserved for policyholders.

The government plans to offload 3.5 per cent stake or 22.13 cr shares.

Life Insurance Corporation(LIC) once an investor, now an investment! Govt makes a pitch to retail investors as India's largest IPO set to open in a volatile global and domestic environment.