New Delhi, Apr 26 (PTI) Insurance giant LIC has fixed the price band at Rs 902-949 per share for the Rs 21,000 crore public offer that is likely to open on May 4, sources said.

According to sources, Life Insurance Corporation (LIC) would offer a Rs 60 discount for policyholders and Rs 40 for retail investors and employees.

Also Read | #ShareChat -owned Short Video Platform Moj Announced That It Plans to … – Latest Tweet by IANS India.

The issue is likely to open for subscription on May 4 and is expected to close on May 9.

The government had in February planned to sell s 5 per cent stake or 31.6 crore shares of the insurance behemoth and had filed draft papers with Sebi.

Also Read | Tamil Nadu: 26-Year-Old Man Charged With Murder of His Maternal Uncle in Coimbatore.

However, the IPO plans faced headwinds due to the ongoing market volatility amid the Russia-Ukraine war.

Last week, the government decided to lower the issue size to 3.5 per cent.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)