LIC reserves up to 10% of issue size for policyholders in its IPO

Life Insurance Corporation of India (LIC) has decided to reserve a maximum of 10% and 5% of its IPO issue size of 31.6 crore shares for policyholders and employees respectively. The quantum of discount on the share price will be announced later. Policyholders who fail to update their PAN details by February 28 will not be eligible for this quota.