The Life Insurance Corporation of India (LIC) has sent an important notice to its policyholders. It has asked the policyholders to add the details of their Permanent Account Number (PAN) to their policy record if they wish to subscribe to the Initial Public Offer (IPO) of the company. Let us inform you that this information has been received from the documents submitted by LIC to SEBI. This work must be completed before February 28.
The public sector insurance company has submitted IPO documents with the Securities and Exchange Board of India (Sebi) on February 13. About 5 per cent of the government’s stake, or Rs 63,000 crore, will be sold in the company. The company’s initial public offering (IPO) for the sale of 316 crore shares, or a 5% government stake, is scheduled for March.The policyholders and employees of the company will get a discount on the minimum share price in the IPO.
LIC has said that policyholders will have to update the PAN details in their policy records to participate in the IPO. As per the document, the PAN will have to be updated by February 28. After that, it will not be considered. The PAN can be updated on LIC’s website by the policyholder directly himself or with the help of an agent. LIC’s IPO is expected by March, and the proceeds will be crucial to meeting the revised disinvestment target of Rs 78,000 crore in the current fiscal.
How to Update PAN
PAN updation can be done through the website of LIC or with the help of agents. LIC issued around 21 million individual policies in FY 2021. An IPO is an offer for sale (OFS) by the government of India. There is no fresh issue of shares by LIC. The government owns 100% of LIC, or more than 632.49 crore shares.The face value of the shares is Rs 10 per share.
