Markets wait with bated breath as RBI Guv may spring a surprise at 2 PM

MUMBAI, May 4 (The CONNECT) - The policy holder quota of LIC IPO was fully subscribed by 1215 pm today, the opening day of the public offering, as the markets crashed.

Overall, the IPO Subscribed 0.29 times. The Retail portion was subscribed 0.32 times and Employee quota 0.49 times, as per data available at the stick exchanges.

LIC of India, the Rs 40 lakh crore-strong fund house and one of the large investors, is targeting to raise Rs 21,000 crores – Rs 5,000 crores of which has already been collected from anchor investors.

The government has fixed the price band at ₹ 902 to ₹ 949 per Equity Share for the IPO that is aimed at divesting 3.5% stake at an enterprise value of Rs 6 lakh crores, LIC Chairman M R Kumar said.

Meanwhile, RBI governor will make a surprise live telecast at 2 PM even as the US Fed is slated to announce a major announcement on interest rates tomorrow.