LIC IPO: Policyholders must update PAN details by February 28 to apply for shares

The Life Insurance Corporation of India (LIC) has mentioned that every policyholder will have to ensure that his / her PAN details are updated in the policy records of the Corporation on or before February 28 2022 in order to be considered an eligible policyholder for application in the forthcoming Public Issue.

How to do it?

The PAN updation can be done on LIC website either directly or with the help of agents: https://licindia.in/Home/Online-PAN-Registration

Quota: The aggregate of reservations for Eligible Policyholder(s) shall not exceed 10 percent of the total Offer size. The portion of the Offer available for allocation to Eligible Policyholder(s), on a proportionate basis subject to the receipt of necessary approvals from the Government of India.

Policyholders (excluding such other persons not eligible under applicable laws, rules, regulations and non-Individual policy holders) of LIC having one or more policies as on the date of the DRHP (i.e., February 13, 2022) and Bid / Offer Opening Date and are residents of India would be eligible to apply in this Offer under the Policyholder Reservation Portion and avail of the discount.

Policyholder Discount: LIC and the Government of India, in consultation with the BRLMs, may offer a discount to the Offer Price to Eligible Policyholder(s), subject to necessary approvals as may be required, and which shall be announced at least two Working Days prior to the Bid / Offer Opening Date.

Public Issue: LIC is proposing an Initial Public Offer (IPO) of up to 316,249,885 Equity Shares of face value of Rs 10 each (“Equity Shares”) through an Offer for Sale by the President of India, acting through the President of India, acting through the Ministry of Finance, Government of India (“Selling Shareholder”).

The objects of the Offer are to achieve the disinvestment agenda of the Government and for LIC to get benefits of listing the Equity Shares on the Stock Exchanges.

The Employee Reservation Portion shall not exceed 5.00 percent of LIC’s post-Offer Equity Share capital.