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LIC said the income tax department has released Rs 21,740.77 crore on February 15 and that it was pursuing for the balance with the income tax department. The total amount of refund was Rs 25,464.46 crore.
LIC IPO investors are still sitting at a loss as the stock is trading 13.6% below its issue price of Rs 949. However, in the last few weeks, the stock has seen fresh buying interest. In the last month alone, LIC is up 25%.
In May 2022, the government had sold 3.5% stake in LIC IPO, which was an entirely (offer for sale) worth around Rs 21,000 crore. It remains India's largest IPO to date.
Following a sharp 33% upside in LIC's share price in the last one month, the counter today scaled a fresh 52-week high of Rs 810. IPO investors are, however, yet to make money, as the stock is trading well below the issue price of Rs 949.