LIC Policyholders To Update PAN Details By February 28 To Participate In IPO

Mumbai:

Life Insurance Corporation of India (LIC) has requested all its prospects to replace their Permanent Account Number (PAN) particulars of their coverage data by (*28*) 28, to grow to be eligible for taking part in its upcoming public situation, in accordance with the draft purple herring prospectus (DRHP).

On (*28*) 13, the state-run insurer had filed draft papers with capital market regulator SEBI on the market of 5 per cent stake by the federal government for an estimated Rs 63,000 crore.

The preliminary public providing (IPO) of over 31.6 crore shares or 5 per cent authorities stake is prone to hit the market in March and workers and policyholders of the insurance coverage behemoth would get a reduction over the ground value.

“A policyholder of our Corporation shall ensure that his / her PAN details are updated in the policy records of our Corporation at the earliest. A policyholder who has not updated his or her PAN details with our Corporation before expiry of two weeks from the date of the filing of this DRHP with SEBI  (i.e. by February 28, 2022) shall not be considered as an eligible policyholder,” as per the DRHP.    

The PAN updation may be achieved on LIC’s web site both instantly or with the assistance of brokers.

It additional mentioned that policyholders having a number of insurance policies of LIC as on the date of the DRHP and opening date and people who are residents of India can be eligible to use for the provide.   

The IPO is provide on the market (OFS) by the federal government of India. There is not any contemporary situation of shares by LIC. The authorities holds 100 per cent stake or over 632.49 crore shares in LIC. The face worth of shares is Rs 10 apiece.  

The LIC public situation can be the most important IPO within the historical past of the Indian inventory market. Once listed, LIC’s market valuation can be corresponding to prime corporations like RIL and TCS.  

The public situation is predicted by March and the proceeds can be essential to fulfill the revised disinvestment goal of Rs 78,000 crore within the present fiscal.