LIC IPO: Centre plans to raise up to Rs 25,000 cr from over 24 anchor investors
The Life Insurance Corporation of India (LIC) will also undergo a change in its board structure and adopt new accounting standards before its IPO
BusinessToday.In | June 14, 2021 | Updated 10:26 IST
Centre may line up over two dozen anchor investors for mega IPO
The Centre is mulling to draw in a clutch of anchor investors to pump in up to Rs 25,000 crore in the shares of Life Insurance Corporation of India (LIC) in its IPO (Initial Public Offering).
The state-run insurer will also undergo a change in its board structure and adopt new accounting standards before its initial share sales.
Bank of Baroda allots 55 crore shares worth ₹4,500 crore to QIBs
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BNP Paribas Arbitrage, SBI Life, LIC, Nippon India Large Cap Fund, ICICI Prudential Business Cycle Fund each allotted more than 5% equity
Eligible qualified institutional buyers (QIBs), including BNP Paribas Arbitrage, SBI Life Insurance Company and Life Insurance Corporation of India, have been collectively allotted about 55 crore equity shares aggregating about ₹4,500 crore by the Capital Raising Committee of the Board of Directors of Bank of Baroda (BoB).
BoB’s qualified institutional placement (QIP) issue opened for subscription on February 25, 2021 and closed on March 2.
According to the bank’s regulatory filing, the issue price of ₹81.70 per equity share (including a premium of ₹79.70 per equity share) was at a discount of 5 per cent to the floor price of ₹85.98 per equity share determined as per SEBI Regulations for equity shares to be allotted to eligible QIBs in the issue.