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Investors will be able to apply for LIC’s IPO even in the weekend

New Delhi, May 5 (PTI) The issue will be kept open for applications at the end of the week to give an opportunity to maximum number of people to participate in the Initial Public Offer (IPO) of Life Insurance Corporation of India (LIC). .

The issue of LIC, which opened on Wednesday, is scheduled to close on May 9. During this, business would normally be closed on May 7 and May 8 due to the weekend, but under special arrangement, the purchase of this issue can be done on Saturday-Sunday also.

LIC has informed the stock exchanges about this special arrangement. This is probably the first time that during a public issue, purchase discount has been given on Saturday-Sunday also. Earlier it was exempted only for Saturdays but now Sundays have also been included in it.

As a special arrangement, the Reserve Bank of India has directed all designated bank branches to remain open on Sundays so that people can apply for the purchase of LIC’s IPO.

In this regard, a request has been made by the government to keep all the bank branches with ASBA (Application Supported by Amount Blocked in the Account) facility open. An investor can apply for the purchase of shares in a public issue through the ASBA mechanism.

LIC has fixed the price range for the issue at Rs 902-949. Some shares are also reserved for LIC employees and policyholders. 22.13 crore shares of LIC will be sold through the issue. LIC is likely to be listed on the stock market on May 17.

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