New Delhi: Insurance giant LIC has fixed the price band at Rs 902-949 per share for the Rs 21,000 crore public offer that is likely to open on May 4, sources said.

According to sources, Life Insurance Corporation (LIC) would offer a Rs 60 discount for policyholders and Rs 40 for retail investors and employees.

The issue is likely to open for subscription on May 4 and is expected to close on May 9.

The government had in February planned to sell its five per cent stake or 31.6 crore shares of the insurance behemoth and had filed draft papers with the Securities Exchange Board of India (SEBI).

However, the IPO plans faced headwinds due to the ongoing market volatility amid the Russia-Ukraine war.

Last week, the government decided to lower the issue size to 3.5 per cent.

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