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Bank branches with ‘ESBA’ facility to remain open for LIC IPO on Sunday: RBI

Mumbai, May 4 (PTI) The Reserve Bank of India (RBI) on Wednesday said that bank branches for LIC’s initial public offering (IPO) with ESBA (application supported through blocked amount in the account) facility will remain open on Sunday as well. .

The initial public offering (IPO) of state-owned Life Insurance Corporation of India (LIC) opened for retail and institutional investors on Wednesday.

RBI said in a statement that the government has requested all the branches of Esba to be opened on Sunday i.e. May 8 for processing the applications for IPO of LIC.

The central bank said, “After reviewing this request, it has been decided to open the bank branches with the facility of Esba on Sunday (May 8) also.”

Investors generally apply for a public issue through Esba.

LIC’s IPO will close on May 9 and bids for this can also be placed on May 7.

The government aims to raise Rs 21,000 crore by selling 3.5 per cent of its shares. LIC’s IPO will close on May 9.

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