Life Insurance Corporation chairman hailed the state-run insurer that has been losing market share to private players as LIC 3.0 on April 27 ahead of its initial public offering that opens for subscription on May 4.
"The time has come for LIC to be listed; I believe all LICians will work together to make it a huge success, and from now on we will call it LIC 3.0," said MR Kumar.
"LIC struggled in the first two decades to sell insurance in India. Then it gathered momentum in the 70s and 80s. That was LIC 1.0. Then it adapted to the competition, which was LIC 2.0. And now this is LIC 3.0," said Kumar.
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The much-awaited IPO of the state-run insurance behemoth is set to open on May 4 and close on May 9. The anchor book for the offer is expected to open on May 2.
The price band for the IPO has been set at Rs 902-949, with a discount of Rs 60 for policyholders. For retail and employees, the discount will be Rs 45.
The government expects to raise up to Rs 21,000 crore from selling a 3.5 percent stake in the insurer.