LIC Attracts Rs 5,267 Cr Investment From AI And Domestic Institutions

The Life Insurance Corporation (LIC) confirmed it attracted over Rs. 5,627 crores from anchor investors led by domestic institutions. The investment came ahead of its mega initial public offering (IPO.)

It is to be noted that the Anchor Investors' (AIs) portion (5,92,96,853 equity shares) was subscribed at Rs. 949 per equity share and out of the allocation of about 5.9 crore shares to AIs, 4.2 crore shares (71.12 per cent) were allocated to 15 domestic mutual funds through 99 schemes. Furthermore, some of the prominent names in this category included ICICI Prudential Life Insurance, SBI Life Insurance, Kotak Mahindra Life Insurance, PNB Metlife Insurance, SBI Pension Fund and UTI Retirement Solutions Pension Fund Scheme.

In addition, Foreign participation included the Government of Singapore, the Monetary Authority of Singapore, the Government Pension Fund Global and the BNP Investment LLP.

In addition, as per the prospectus, out of the 22.13 crore shares offered for sale, 5.93 crore shares were reserved for anchor investors.