LIC Shares List At 8.11 Percent Discount At Rs 872 Apiece On NSE

New Delhi: Life Insurance Corporation's (LIC) shares got listed at a discount of 8.11 percent at Rs 872 per share on the National Stock Exchange (NSE).

On the other hand, on the Bombay Stock Exchange (BSE) shares got listed at Rs 867.20 apiece, down 8.62 percent over the issue price of Rs 949 a share.

The country's largest insurer had fixed the issue price of its shares at Rs 949 apiece after a successful initial public offering, which fetched Rs 20,557 crore to the government.

After taking into account the discounted price, the LIC policyholders and retail investors have got the shares at a price of Rs 889 and Rs 904 apiece, respectively.

The government sold over 22.13 crore shares or a 3.5 per cent stake in LIC through the IPO with a price band of Rs 902-949 a share. However, shares were allocated to investors on May 12 at the upper end of the price band.

The LIC IPO closed with nearly 3 times the subscription; however, foreign investor participation remained muted.

Meanwhile, the company on Tuesday eroded Rs 42,500 crore in investor wealth, as a weal listing resulted in its market capitalisation slipping to Rs 5.57 lakh crore in early trade against just over Rs 6 lakh crore at the issue price.

Also read: Consumer inflation at 8-year high may 'trigger' quicker rate hikes

Also watch: