New Delhi, May 5 (FN Agency) Congress leader Rahul Gandhi on Thursday slammed the government for undervaluing the Life Insurance Corporation, a day after its Initial Public Offering (IPO) was opened. In a tweet, Rahul said the LIC has 13.94 lakh employees, 30 crore policy-holders and Rs 39 lakh crore in assets. He said it was number one in the world in giving return on investment (ROI) to its shareholders. “Yet, Modi Govt has undervalued LIC.
Why is one of India’s most valuable assets being sold at a throwaway price?,” he said in a tweet. India’s biggest public issue, the Life Insurance Company (LIC) initial public offering (IPO) hits primary markets on Wednesday. The government has fixed the LIC IPO price band at Rs 902 to Rs 949 per equity share. The LIC IPO has been valued at Rs 21,000 crore.