“Why is one of India’s most important assets being sold at a throwaway price?” asked Congress leader Rahul Gandhi, accusing Prime Minister Narendra Modi’s government of “undervaluing” LIC.
In a tweet, Gandhi listed the insurance behemoth’s valuable assets and questioned why India’s most important assets were being sold for such a low price.
On Wednesday, individual and institutional investors could subscribe to the state-owned LIC’s Initial Public Offering (IPO), which is the country’s largest ever. The promotion will end on May 9th (Monday).
The price band for the issuance has been set at Rs 902-949 per equity share by LIC. For qualified employees and policyholders, the deal includes a reservation. Retail investors and qualifying employees would receive a Rs 45 reduction per equity share, while policyholders will receive a Rs 60 discount.
This isn’t the first time the Congress leader has sneered at the government’s choice to sell its LIC holding. He claimed the Centre is waging a “sell government company” campaign in September 2020, when allegations of LIC’s stake sale arose. He also asserted that the government is selling the country’s assets in order to compensate for the economic disaster it has caused.
“13.94 lakh employed, 30 crore policyholders, 39 lakh crore in assets, World #1 – ROI for Shareholders,” Gandhi tweeted today. LIC, meanwhile, has been depreciated by the Modi government.”
