LIC IPO: SBI, ASBA designated bank branches to remain open this Sunday, accept IPO applications

The Reserve Bank of India (RBI) on Wednesday advised all Application Supported by Blocked Amount (ASBA) approved bank branches to stay open on May 8 (Sunday) to facilitate the processing of applications for LIC IPO.

According to the RBI notification, “The Government of India, in order to facilitate bidding for LIC IPO, has requested that all bank branches designated to process ASBA (Application Supported by Blocked Amount) applications may be kept open for public on May 8, 2022 (Sunday). The matter has been examined and it has been decided that banks may keep all their ASBA designated branches open on May 8, 2022 (Sunday) for the above purpose.”

The State Bank of India (SBI) said on Friday that all of its branches will be open on Sunday, May 8, to take LIC IPO applications.

According to an SBI official Twitter account: “We are happy to inform that, for the convenience of our customers applying for LIC IPO, all our branches will be open on 8th May 2022 (Sunday) to accept applications.”

LIC IPO details

The subscription period for the LIC initial public offering (IPO) began on May 4 and will end on May 9. On Saturday, May 7, retail investors will have the opportunity to bid on the offer. On May 17, LIC’s shares will be listed on both the NSE and the BSE.

Employees are entitled to 1.58 crore shares, while policyholders are entitled to 2.21 crore shares, according to LIC management. Retailers and employees would receive a discount of Rs 45, while policyholders will receive a discount of Rs 60.

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