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.

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 may close on May 9, and the bid lot would be 15. Anchor investors can subscribe to the shares of the insurance company on May 2.

With this IPO, the government would offload a 3.5 percent stake in the insurance behemoth by selling 22.13 crore shares.

LIC has reserved 2.21 crore shares or 10 percent of the issue size for its policyholders. - PTI