LIC asks its policyholders to replace PAN particulars for participation in IPO

The Life Insurance coverage Company (LIC) within the run as much as its preliminary public providing, has requested its policyholders to replace their PAN, in order that they will take part within the proposed public provide.

As per the proposed plan, as much as 10 per cent of the LIC IPO difficulty dimension could be reserved for policyholders.

“In an effort to take part in any such public providing, policyholders might want to make sure that their PAN particulars are up to date within the Company’s information. Additional subscribing to any public providing in India is barely attainable if in case you have a legitimate DEMAT account,” LIC mentioned in a public discover.

It additionally mentioned that LIC has been working ads calling upon policyholders to replace their Everlasting Account Quantity (PAN) as it can be crucial from a Know-Your-Buyer (KYC) perspective for participation within the proposed public providing, as and when it takes place, topic to regulatory clearance.

In relation to DEMAT accounts, it mentioned, if a policyholder presently doesn’t maintain a legitimate DEMAT account, she or he ought to contemplate opening it at their very own price.

“You’d incur prices in direction of opening of a DEMAT account and or PAN issuance and sustaining the DEMAT account or different ancillary prices. All such prices must be solely borne by you. No prices could be borne by the Company,” it clarified.

The Union Cupboard in July, 2021 cleared disinvestment of the nation’s largest insurer LIC and a panel headed by the finance minister has been authorised to determine on the quantum of stake dilution.

The federal government has already introduced in required legislative amendments within the LIC Act for the proposed IPO via the Finance Act 2022.

In her Price range speech in February this yr, Finance Minister Nirmala Sitharaman mentioned the IPO of LIC could be floated in 2021-22.

The itemizing of LIC can be essential for the federal government to satisfy its disinvestment goal. The federal government goals to mop up Rs 1.75 lakh crore within the present fiscal from minority stake sale and privatisation.

Of the Rs 1.75 lakh crore, Rs 1 lakh crore is to come back from promoting the federal government’s stakes in public sector banks and monetary establishments. The remaining Rs 75,000 crore would come as CPSE disinvestment receipts.

(Solely the headline and film of this report might have been reworked by the Enterprise Customary employees; the remainder of the content material is auto-generated from a syndicated feed.)

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