New Delhi: Life Insurance Corporation (LIC) is all set to kick off its big-ticket initial public offering (IPO), which is pegged to be the largest ever IPO in the history of Indian markets. According to media reports, LIC IPO will open for subscriptions on March 11 for anchor investors. For other types of investors, including retail investors, LIC IPO will open in the next few days.
LIC has previously pointed out that policyholders are required to link their PAN cards to become eligible for subscribing to LIC IPO. “A policyholder of our Corporation shall ensure that his / her PAN details are updated in the policy records of our Corporation at the earliest. A policyholder who has not updated his / her PAN details with our Corporation before the expiry of two weeks from the date of the filing of this Draft Red Herring Prospectus with SEBI (i.e., by February 28, 2022) shall not be considered as an Eligible Policyholder,” LIC said in its statement.
LIC has filed the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) last week. The DRHP is filed ahead of the IPO and it outlines the company’s details and growth expectations.
The state-owned insurer is planning to sell a five per cent equity stake owned by the Indian government with the upcoming IPO, according to the DRHP document. Employees working LIC will receive IPO shares at a discounted price.
How to link PAN card with LIC policy
Step 1: Go to the official LIC website, www.licindia.in
Step 2: Select the ‘Online PAN Registration’ option on the homepage.
Step 3: Click on the ‘Proceed’ option.
Step 4: Enter e-mail ID, PAN number, mobile phone number and policy number
Step 5: Complete Captcha verification and click on the ‘Get OTP’ button.
Step 6: Enter OTP received on the mobile number in the box given on the screen.
Step 7: Select the ‘Submit’ option. Also Read: LIC`s $8 billion IPO could launch on March 11: All you need to know
Step 8: You will see a message for the success of the PAN linking process. Also Read: LIC IPO opening on THIS day? 10 important things to know
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