{"id":69266,"date":"2018-03-21T16:35:42","date_gmt":"2018-03-21T16:35:42","guid":{"rendered":"http:\/\/www.bnreport.com\/lic-bails-out-hal-ipo-subscribes-70-of-rs-4200-crore-issue\/"},"modified":"2018-03-21T16:35:42","modified_gmt":"2018-03-21T16:35:42","slug":"lic-bails-out-hal-ipo-subscribes-70-of-rs-4200-crore-issue","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/lic-bails-out-hal-ipo-subscribes-70-of-rs-4200-crore-issue\/","title":{"rendered":"LIC bails out HAL IPO; subscribes 70% of Rs 4,200 crore issue"},"content":{"rendered":"<p>Mumbai: India\u2019s largest domestic investor <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/Life-Insurance-Corporation-of-India\" rel=\"noreferrer\" target=\"_blank\">Life Insurance Corporation of India<\/a> has once again come to government\u2019s rescue by subscribing 70% of Hindustan Aeronautics\u2019 Rs 4,200-crore initial public offering. <\/p>\n<p>\u201cLIC has invested Rs 2,900 crore in Hindustan Aeronautics <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/IPO\" rel=\"noreferrer\" target=\"_blank\">IPO<\/a>,\u201d said a source close to the development. <\/p>\n<p>The issue is part of the government\u2019s 2017-18 divestment plan. The company had set a price band of Rs 1,215 to Rs 1,240 per share. SBI Capital and Axis Capital were the lead managers to the issue. <\/p>\n<p>The issue was subscribed 0.99 times, with demand coming mainly from qualified institutional buyers\u2019 segment especially domestic. The retail and high net-worth individual categories were undersubscribed. The offer had got bids for 3.37 crore shares against a total issue size of 3.41 crore shares on offer and portion reserved for QIBs was subscribed 1.7 times while HNIs was subscribed 0.03 times. The retail portion was subscribed 0.4 times. The retail category was offered a discount of Rs 25 per share. The employee category was subscribed 0.2 times. <\/p>\n<p>Stock brokers had recommended long-term subscribe on the stock. <a href=\"https:\/\/economictimes.indiatimes.com\/topic\/Hindustan-Aeronautics\" rel=\"noreferrer\" target=\"_blank\">Hindustan Aeronautics<\/a> designs and manufactures a range of products including aircraft, helicopters, aero-engines, avionics, accessories and aerospace structures, primarily for the Indian armed forces. <\/p>\n<p>However, brokers said that the reason for lower subscription was market volatility. <\/p>\n<p><strong><a href=\"https:\/\/blockads.fivefilters.org\/\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/strong> <a href=\"https:\/\/blockads.fivefilters.org\/acceptable.html\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/p>\n<p><a href=\"https:\/\/economictimes.indiatimes.com\/markets\/stocks\/news\/lic-bails-out-hal-issue-subscribes-70-of-rs-4200-crore-ipo\/articleshow\/63399370.cms\" rel=\"noreferrer\" target=\"_blank\">Original Article<\/a><\/p>\n<p>[contf]<br \/>\n[contfnew]<br \/>\n        <img decoding=\"async\" src=\"https:\/\/img.etimg.com\/photo\/60278104.cms\"\/><\/p>\n<h5><a href=\"https:\/\/economictimes.indiatimes.com\/\" rel=\"noreferrer\" target=\"_blank\">ET Markets<\/a><\/h5>\n<p>[contfnewc]<br \/>\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mumbai: India\u2019s largest domestic investor Life Insurance Cor..<\/p>\n","protected":false},"author":1,"featured_media":69267,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-69266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>LIC bails out HAL IPO; 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