Individuals who wish to be considered under the reserved quota for the LIC IPO need to link their PAN Card details to their policy records
Representational image. Reuters
The upcoming public issue of the Life Insurance Corporation of India (LIC) will be open for subscription in March this year. The Initial Public Offering (IPO) of the company will reserve some shares for policyholders. However, LIC policyholders have to link their PAN Card to their policy records. The deadline for the same ends today, 28 February.
Individuals who wish to be considered under the reserved quota for the LIC IPO need to link their PAN Card details to their policy records. Only those policyholders will be considered eligible whose policies have been bought on or before 13 February this year.
Individuals also need to have a demat account to be eligible for applying for the IPO.
Steps to link PAN Card to LIC policy record:
― Visit the official website at https://licindia.in/
― Click on the option for Online PAN registration given on the main page
― Read the instructions regarding the registration process and select the ‘Proceed’ option
― Enter the required details such as your PAN Card number, LIC policy details, mobile number and so on
― Select the option to request a one-time password for your mobile number
― Enter the OTP and complete the process to link your PAN to your LIC policy
Direct link here.
The public issue of the largest insurer of India will be an offer for sale by the government. The Centre, which owns 100 percent stake in the organisation, will offload approximately 316,249,885 equity shares. The IPO is expected to be the largest in the Indian market till date.
The company has reserved 50 percent of the LIC issue for Qualified Institutional Buyers (QIB). Of the remaining percentage, retail investors have 35 percent of the issues reserved for them. For Non-Institutional Investors (NII), 15 percent of the issue is on offer.
As per reports, 10 percent of the LIC public issue will be available at a discounted price for policyholders. The quantum of the discount will be released later, as per a News18 report. Some portion of LIC IPO will also be reserved for employees of the company.
The public issue of the largest insurer of India is likely to take place in the second week next month.
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