Ahead Of IPO, LIC Raises Over Rs 5,600 Crore From 123 Anchor Investors

The Life Insurance Corporation (LIC) of India has raised over Rs 5,600 crore from 123 anchor investors ahead of its much-awaited initial public offering (IPO). In a stock exchange filing, the country's largest insurer said the anchor investor part of the IPO was fully subscribed on May 2. A big chunk of it, more than 71 percent, was subscribed by domestic mutual funds at a rate of Rs 949 for each share, the upper end of the price ban...