The insurance company announced that it had received a little more than 5,627 crores from anchor investors led primarily by domestic institutions the day before.
Ahead of the LIC initial public offering listing, Congress asked four questions to the Modi-led Central government on Tuesday. The party also alleged that the confidence and trust of 30 crore policyholders have been valued at "throwaway prices."
Congress leader Randeep Surjewala in his recent tweet targeted Prime Minister Narendra Modi and said, the fire sale of India's assets continues, as "Jumlas of Tube Light" is being distributed during a period of a total power outage. He questioned whether the Modi government is betraying 30 crores of LIC policyholders?
The 1st question, the Congress leader asked, was why the LIC valuation of Rs 12-14 lakh crore in February 2022 was reduced to Rs 6 Lakh crore in the span of two months? In the statement, he added that since January, the share price band of LIC has been pared down by the Central government from Rs 1,100 per share to the present price band of Rs 902-949 per share. Additionally, some experts believe that the government will lose 30,000 crores by reducing the embedded value and pairing down the price band.
The second question is, why did the Modi government suddenly lower the valuation of LIC and issue size after the roadshows in India and Abroad? Alleging that the government reduced Rs 70,000 crore to Rs 21,000 crore after its roadshows for big-ticket investors in February.
The third one is through tweeter, "Modi government overlooks the LIC's key indices?"
And in the final question, a reference to the Ukraine-Russia war was made. The exception to the LIC IPO policy was questioned. Citing the secretary-in-charge' of the Public Sector Divestment's statement that the government will not sell stakes in public sector units if the conditions are not favourable.
Following the reports, the insurance company on Tuesday announced that it had received a little more than 5,627 crores from anchor investors led primarily by domestic institutions the day before.
The government aims to raise Rs 21,000 crore by diluting 3.5 per cent of stakes. The initial public offering (IPO) will go public tomorrow.
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