Govt cuts LIC IPO size to 3.5%, issue to hit markets in May 1st week: Sources
New Delhi, Apr 23: The government is likely to cut the size of the initial public offering of LIC to 3.5 per cent to raise around Rs 21,000 crore from the issue which would hit the capital markets in the first week of the next month.
The government in February had planned to sell a 5 per cent stake in Life Insurance Corporation (LIC). However, the ongoing market volatility due to the Russia-Ukraine war has made it lower the IPO size.
At this price, LIC, which is 100 per cent government-owned, is valued at Rs 6 lakh crore.
LIC is likely to file the red herring prospectus with market regulator Sebi by Wednesday.
"LIC IPO is likely to come to the market in May first week. 3.5 per cent stake dilution, subject to regulatory approval," an official said.
Reservations for policyholders and employees, and discounts, issue dates and issue price will be known by Wednesday, the official added.
In February, LIC had filed draft papers with Sebi wherein it had said that the government will sell 5 per cent stake or 31.6 crore shares in the state-run insurer.
LIC's embedded value, which is a measure of the consolidated shareholders value in an insurance company, was pegged at about Rs 5.4 lakh crore as of September 30, 2021, by international actuarial firm Milliman Advisors.
LIC IPO would contribute a major chunk to the budgeted disinvestment proceeds in the current fiscal.
The government has pegged disinvestment receipts at Rs 65,000 crore in the current fiscal, up from Rs 13,531 crore raised in the last fiscal.
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Double murder in B'luru park: Mother of woman stabbed to death kills daughter's murderer
Bengaluru, Apr 18: In a case of double murder in Bengaluru, a 24-year-old woman was allegedly stabbed to death by her acquaintance who later died on the spot after he was hit with a stone by the woman's mother at Jayanagar area here on Thursday, police said.
The deceased were identified as Anusha and 44-year-old Suresh. They had known each other for five years, they said.
A preliminary investigation has revealed that the Anusha and Suresh had an altercation in the park because she had begun distancing herself from him, which he did not take well. She did not want to have any association with him, the police said.
They met at the park where he allegedly stabbed her twice, a senior police officer said.
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Before stepping out of her house, Anusha had informed her mother that she was going to meet someone in the park for five minutes and would be back soon. Suspecting that something was amiss, the mother followed her daughter to the park and ended up witnessing Anusha being stabbed in front of her, he said.
Deputy Commissioner of Police (South) Lokesh Bharamappa Jagalasar said that Anusha and Suresh were killed around 4.45 pm at Sarakki Park in Jayanagar.
"Based on the investigation so far, it appears that Suresh stabbed Anusha. Anusha’s mother rushed to save her and in that bid, she hit Suresh on his head with a stone and he died on the spot. We are currently interrogating an eyewitness in the case," he said.
Anusha was grievously injured, with one injury on her chest and another on her neck. She was declared brought dead at the hospital, he added.
"Both of them knew each other from their workplace. Anusha was a caretaker, while Suresh worked for an event management company. Anusha was trying to keep her distance from him, which may have led to this incident," the DCP said.
Two separate cases have been registered in connection with the incident and the mother of the deceased is being questioned, police said, adding that further investigation is underway.
