The government had fixed the issue price of LIC’s shares at ₹949 after a successful initial public offering, which was almost three times oversubscribed.
The government had fixed the issue price of LIC’s shares at ₹949 after a successful initial public offering, which was almost three times oversubscribed.
The government on Friday said it is “concerned” over the temporary default in LIC shares and the insurance company’s management will look into these aspects and enhance shareholder value.
Life Insurance Corporation (LIC) was listed on the stock exchange on May 17 at Rs 872 per share. The government had fixed the issue price of LIC’s shares at ₹949 after a successful Initial Public Offering (IPO), which was oversubscribed by almost 3 times.
Since the day of listing, LIC shares have remained below the issue price and touched a low of ₹708.70 and a high of ₹920.
“We are deeply concerned about the temporary blip in LIC share price. people will take time to understand [fundamentals of] LIC. LIC management will look into all these aspects and add value to the shareholders,” said Tuhin Kanta Pandey, secretary, DIPAM.
LIC shares closed at Rs 709.70 on BSE on Friday.