All branches of state-owned Punjab National Bank (PNB) will remain open on May 8 to facilitate the processing of applications for the mega initial public offer of Life Insurance Corporation (LIC), the lender said on Saturday.
“With the LIC IPO being the biggest offering, we are committed to executing smooth application processes. Hence, PNB will keep all its branches open on Sunday, 8th of May 2022. Applicants will be assisted with proper advisory on the offerings and all IPO-related queries,” PNB said in a statement.
LIC IPO, India’s biggest subscription to be offered by retail and institutional investors, will be open for bidding till May 9. The subscription window for the IPO — which opened for subscription on Wednesday — will remain open on May 7 for all categories of investors, according to an NSE notification.
PNB said all applicants can apply at any of the 10,088 branches of the lender as all branches are enabled for Application Supported by Blocked Amount (ASBA) applications. ASBA is the mechanism through which investors apply for shares in a public issue. It enables the investor to block the application money in the bank account, for subscribing to an issue.
Potential investors can bid for LIC shares in a price band of Rs 902-949 apiece in multiples of 15 under the IPO, which is the largest public offer of all time in the country. Shares will be listed on BSE and NSE on May 17.
One needs to shell out a minimum of Rs 13,530-14,235 to apply for the life insurer’s share sale, given the issue price of Rs 902-949.
The IPO, through which the government plans to offload 3.5 percent of its stake in the company, also offers discounts to eligible employees and policyholders.
