Life Insurance Corporation (LIC) MD Vipin Anand, in an interview with CNBC-TV18, said that Rs 320 is a fair price for Vedanta delisting. LIC has a 6.37 percent stake in Vedanta. He added, "we won't tender Vedanta shares below fair value."
According to Anand, there are enough opportunities in the market and LIC is happy with the individual new business premium growth. He expects the second half to be better than H1 for the insurance business.
He further said that LIC saw good business growth in September and it was a season of healthy returns for investments and added that LIC has invested Rs 260,000 crore in debt and equity combined.
Today is the final day of the reverse book building process in which public shareholders can tender the shares of Vedanta as the company readies to get delisted from Indian bourses.
Media reports suggest share tendering has been tepid so far. The reverse book-building process for public shareholders to tender their shares started on October 5 and will conclude on October 9.
As per BSE data, a total 169 crore shares held by public shareholders are there for tendering, out of which, 134 crore shares should be tendered for the delisting process to take place.
First Published: Oct 9, 2020 10:00 AM IST
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