LIC IPO: Rahul Gandhi accuses PM Narendra Modi government of 'undervaluing' LIC

Congress leader Rahul Gandhi accused the PM Narendra Modi-led government of "undervaluing" LIC, and questioned, "Why is one of India's most valuable assets being sold at a throwaway price?" 

In a tweet, Gandhi listed out the valuable assets in possession the insurance behemoth and asked the Centre why India's most valuable assets were being sold at a throwaway price. 

13.94 Lakh Employed
30 Crore Policyholders
39 Lakh Crore in Assets
World #1 - ROI for Shareholders

Yet, Modi Govt has undervalued LIC. Why is one of India’s most valuable assets being sold at a throwaway price?#JanDhanLootYojana — Rahul Gandhi (@RahulGandhi) May 5, 2022

State-owned LIC’s Initial Public Offering (IPO), the country’s biggest ever offer, opened for subscription by retail and institutional investors on Wednesday. The offer will close on May 9 (Monday).

LIC has fixed the price band at Rs 902-949 per equity share for the issue. The offer includes a reservation for eligible employees and policyholders. The retail investors and eligible employees will get a discount of Rs 45 per equity share, while policyholders will get a discount of Rs 60.

This is not the first time that the Congress leader has taken a jibe at Centre decision to sell stake in LIC. In September 2020, when reports of LIC's stake sale surfaced, he had alleged that the Centre is running a 'sell government company' campaign. He had also stated that the government is selling nation's assets to compensate the economic crisis created by it.

In a tweet today, Gandhi said, “13.94 Lakh Employed, 30 Crore Policyholders, 39 Lakh Crore in Assets, World #1 – ROI for Shareholders. Yet, Modi Govt has undervalued LIC.”