LIC shares allotted at Rs949 apiece, the upper end of IPO price band

New Delhi: Life Insurance Corporation (LIC) of India shares have been allotted to the eligible bidders of the initial public offering (IPO) at Rs 949 apiece, the upper end of the IPO price band.

Through this IPO, the government has raised Rs 20,557 crore by diluting 3.5 per cent of its stake in the country's largest insurer. Policyholders, retail investors and employees have been offered discounts. Policyholders have been given a discount of Rs 60 per share. So the policyholders have been allocated the shares at Rs 889 apiece. Retail investors and employees have got the shares at Rs 904 apiece.

The shares have been issued to the eligible subscribers. Unsuccessful bidders will get the refunds. The shares will be credited to the investors' demat accounts on Monday.

LIC is scheduled to make its stock market debut on May 17.

The initial public offering of LIC was subscribed 2.95 times. The IPO opened for public subscription on May 4 and closed on May 9.