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The trial judge refused to stay the LIC IPO -by Ecork

LIC is likely to complete its mega portion of its IPO by the end of today.

New Delhi:

In a major relief to the Life Insurance Corporation of India (LIC), the Supreme Court on Thursday refused to suspend the first public offering (IPO) of the country’s top insurance company. LIC is likely to complete its mega portion of its IPO by the end of today.

“We can not give any temporary relief in this matter. There are more than 73 lakh applicants who have subscribed to the IPO. This is a matter of investment and we cannot give any relief in it,” he said. -the highest court said.

However, the court has issued a notice to the government on the petitions challenging the statutory provisions of part of the Budget Act, 2021 and the LIC Act 1956, seeking an answer within four weeks.

The decision was made by the seat of Judges DY Chandrachud, Surya Kant and PS Narasimha.

The court heard some petitions filed against the Mega IPO LIC. The applicants challenged the right of the government action to decide to launch the IPO LIC through a Fund.

The country’s largest IPO ever was subscribed at 2.95 times as the six-day deadline expired on May 9th.

The average price for the case is between Rs 902 and Rs 949 per share. LIC is likely to be listed on May 17th.

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