New Delhi: The People’s Commission on Public sector and Public Services (PCPSPS) alleged that the Initial Public Offer (IPO) of the Life Insurance Corporation of India (LIC) will result in a loss of over 50, 000 crore.
Expressing concern over the rush by the Union Government, the commission demanded the halt of the alleged scandalous IPO. It alleged that apart from the loss of thousands of crores, the IPO is based on the expropriation of millions of policyholders of the LIC.
Peoples’ Commission on Public Sector and Public Services
Peoples’ Commission on Public Sector and Services (PCPSPS) includes eminent academics, jurists, erstwhile administrators, trade unionists and social activists.
PCPSPS intends to have in-depth consultations with all stakeholders and people concerned with the process of policymaking and those against the government’s decision to monetize, disinvest and privatize public assets/enterprises and produce several sectoral reports before coming out with a final report.
LIC IPO
Meanwhile, the anchor investor portion of LIC IPO was oversubscribed on Monday, the first day of subscription.
The IPO of the state-owned LIC opened for anchor investors on Monday and it will run for the public from May 4 to May 9.
Out of the proposed Rs 21,000 crore IPO, LIC targets to raise Rs 5,630 crore through anchor investors. The company has reserved 59.3 million shares for the anchor investors.
LIC has set its price band for the Initial Public Offer (IPO) at Rs 902 to Rs 949 per equity share. Policyholders will get a discount of Rs 60 per equity share, while retail investors and employees will get a discount of Rs 45 on each share.
With inputs from agencies
