Norwegian Sovereign Wealth Funds, Singapore and Abu Dhabi have agreed to anchor life insurance public offers from Indian Public Companies.
Bank Norges Investment Management, GIC PTE, and Abu Dhabi’s Investment Authority have committed to the LIC IPO but the names have not been officially announced, Bloomberg reported.
The IPO will open on May 2 for anchors and will run from May 4-9 to the public.
This center also wants to confirm the participation of foreign sovereignty funds and pension funds that previously showed interest in public offering.
LIC, which is in the path for IPO RS 21,000 Crore, aims to raise up to RS 5,630 Crore at prices for IPO prices from anchors. The company has ordered around 59.29 million shares for the anchor.
The government has been given permission by the Securities and Exchange Board of India (SEBI) to sell 3.5 percent of its shares in insurance companies.
The largest IPO in India, which cuts about 60 percent of the size of the problem due to poor market conditions, previously announced the band price at RS 902-949 per share.
With this, LIC will be the fifth most registered company in the country, with a market capitalization of more than 6 trillion hospitals, according to calculations by Moneycontrol. Globally, it will be ranked 186th in terms of market capitalization.
The IPO will be the largest IPO in this country followed by the owner of PayTM One97 Communications (RS 18,300 Crore) and Coal India Ltd (RS 15.199 Crore).
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