MUMBAI: The country's largest insurance company shares Life Insurance Corporation of India (LIC) were listed on the National Stock Exchange (NSE) on Tuesday with a fall of 8.11 percent from its issue price.
According to news agency, LIC's shares were also listed on BSE at Rs 867.20, which is lower than its issue price.
One share of LIC was bought by the applicants for Rs 949.
LIC had fixed the issue price of its shares at Rs 949 at the time of IPO launch, which earned the government Rs 20,557 crore.
LIC policyholders had to pay Rs 889 for a share, while for retail investors this price was Rs 904.
LIC shares were listed for the first time on Tuesday on BSE and NSE with a discount of Rs 81.80 and Rs 77 respectively.
The government has sold its 3.5 per cent stake or 22.13 crore shares in LIC. For this a price band of Rs 902-949 was fixed.
Opening bell to mark the listing of Life Insurance Corporation of India
Historic moment: LIC being listed on the stock exchanges