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LIC IPO Day 3: QIB sees halfway mark, NII subscribed 76%, overall issue 1.38 times

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 Life Insurance Corporation of India’s initial public offering saw full subscription of its retail segment in the early hours of the third day of bidding on Friday.

The issue opened for subscription on Wednesday, and continues to see a strong interest from all investor categories.

The portion reserved for eligible policy holders was subscribed 4.01 times, reservation for eligible employees was subscribed 3.06 times, retail category was subscribed 1.23 times, the non-institutional investor (NII) category witnessed subscription of 0.76 times, and qualified institutional buyers (QIB) category saw subscription of 0.56 times.

The overall issue was subscribed 1.38 times.A

The offer received bids for 22,36,98,915 shares against the offered 16,20,78,067 equity shares (excluding shares offered to anchor investors), as per the 7 p.m. data available on the bourses.

The long-awaited Initial Public Offering (IPO) for the LIC will remain open for subscription till May 9.

The government has brought down the issue size from 5 per cent to 3.5 per cent.

It will be a landmark public issue in the history of the Indian capital market and is poised to be India’s biggest IPO till date.

The IPO values LIC at Rs 6 lakh crore.

The issue offer of the LIC is in the price band of Rs 902 to Rs 949.

Also, the policyholders will be offered a Rs 60 discount, while for retail investors, the discount will be Rs 45.

Crime

ED raids eight locations linked to ex-Cong MLA Amba Prasad in Jharkhand

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Ranchi, July 4: The Enforcement Directorate (ED) on Friday carried out raids at eight locations linked to close associates of former Congress MLA Amba Prasad from Jharkhand’s Barkagaon Assembly constituency.

The raids are part of an ongoing money laundering probe involving a prominent company engaged in coal transportation, infrastructure, and the power sector.

According to sources, simultaneous searches were conducted in Ranchi, Hazaribagh, and Barkagaon.

Among the locations searched are the residence of Amba Prasad’s aide Sanjeet in Kishoreganj (Ranchi) and the homes of her personal assistants — Sanjeev Sao, Manoj Dangi, and Pancham Kumar — in Barkagaon.

Security forces have been deployed in large numbers at all the premises where raids are being conducted.

This move comes months after the ED conducted a similar crackdown between March 12 and March 14 this year, targeting Amba Prasad, her father, and former Minister Yogendra Sao, brother Ankit Raj, and several other relatives and associates.

During those raids, the agency had seized Rs 35 lakh in cash, digital devices, fake stamps of banks and government offices, handwritten receipts, diaries, and other incriminating documents.

Officials believe that the current searches are based on evidence and leads gathered during the earlier raids. The ED is now closely examining documents related to financial transactions, land deals, and mining activities.

Ten companies reportedly registered in the names of Amba Prasad and her family members are under scrutiny.

Earlier, the ED had questioned Amba Prasad, her father Yogendra Sao, and her brother Ankit Raj at its zonal office in Ranchi in connection with the same case.

Amba Prasad was elected to the Jharkhand Assembly from Barkagaon in 2019 on a Congress ticket. Her parents — Yogendra Sao and Nirmala Devi — have also represented the same constituency in the past.

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National

Waqf rules on portal, database of properties notified

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New Delhi, July 4: The Centre has notified the Unified Waqf Management, Empowerment, Efficiency and Development Rules, 2025, regarding multiple aspects of the newly amended legislation, including the portal and database of the properties, audit and maintenance of accounts.

This will set in motion the process for uploading and updating Waqf properties on the portal. The Joint Secretary in the Ministry of Minority Affairs will monitor the operational control of the portal and database.

The portal and database will auto-generate a unique identification number for each Waqf property on record. It will be used for all future references and to ensure tracking and monitoring of the properties, reported a leading law portal.

According to the notified rules, mutawallis will be entrusted to enrol it on the portal and database by using their mobile number and e-mail address. In case there is a complaint of wrongful declaration of any property as Waqf, the probe has to be completed by the designated government officer within a year of the reference from the District Collector.

Notably, the Union Minority Affairs ministry sent the drafted rules to the Union Law Ministry recently, to operationalise the controversial Waqf (Amendment) Act, 2025. This is likely to be presented in the upcoming Monsoon session of Parliament, beginning July 21.

The Waqf (Amendment) Act, which aims to bring sweeping changes in the regulation and management of Waqf properties, was passed by Parliament in April. Following a raft of petitions against controversial provisions of the law, the Supreme Court had reserved its judgment.

After the notification of Central rules, the next step is the formulation of model rules for the state. A committee comprising retired law ministry officers and other experts will be roped in to create model rules, which states can then adapt, with some modifications.

For uploading details of Waqf and properties, maintenance of accounts, state governments will have to appoint a Joint Secretary rank officer in the respective states, as the nodal officer who will work in tandem with the centralised support unit.

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International

India will soon become third largest economy in the world: PM Modi

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Port of Spain, July 4: Highlighting that India is today the fastest growing major economy in the world and is all set to become the third largest one soon, Prime Minister Narendra Modi said on Thursday while addressing the Indian community in Trinidad and Tobago.

“The fruits of India’s growth and progress are reaching the most needy,” he added while stressing that India’s growth and development is reaping benefits for the poor and the underprivileged through welfare schemes launched by the Central and state governments.

“The World Bank has noted that India has lifted more than 250 million people above extreme poverty in the last decade. India’s growth is being powered by our innovative and energetic youth,” the Prime Minister noted.

“Today, India is the third largest startup hub in the world. Nearly half of these startups also have women as directors. Nearly 120 startups have got unicorn status. National missions for Artificial Intelligence, Semiconductor and Quantum computing are becoming the new engines of growth. In a way, innovation is becoming a mass movement,” he said.

“India’s Unified Payments Interface (UPI) has revolutionised digital payments. Nearly 50 per cent of the world’s real-time digital transactions take place in India. I congratulate Trinidad & Tobago for being the first country in the region to adopt UPI. Now sending money will be as easy as sending a ‘good morning’ text message! And I promise, it will be faster than West Indies bowling.”

“Our Mission Manufacturing is working to make India a manufacturing hub. We have become the world’s second largest mobile manufacturer. We are exporting railway locomotives to the world.”

“Our defence exports have increased 20-fold in just the last decade. We are not just making in India. We are making for the world. As we grow, we are ensuring that it is of mutual benefit to the world,” PM Modi said.

“Today’s India is a land of opportunities. Whether it is business, tourism, education, or healthcare, India has a lot to offer,” he added.

“Your ancestors took a long and difficult journey, over a 100 days across the seas, to reach here – Saat Samandar Par! Today, that same journey takes just a few hours. I encourage you all to visit India more, in person, not just virtually on social media!”

“Visit the villages of your ancestors. Walk the soil they walked on. Bring your children, bring your neighbours. Bring anyone who enjoys chai and a good story. We will welcome you all – with open arms, warm hearts, and jalebi!” PM Modi added.

The Prime Minister also thanked the Indian diaspora present for the love and affection showered upon him by the Carribean nation.

PM Modi thanked Prime Minister Kamla Persad-Bissessar for honouring him with Trinidad and Tobago’s highest national award.

Praising India’s space programme in Trinidad and Tobago, Prime Minister Modi also highlighted that the country named Chandrayaan-3 probe’s landing site on the Moon as ‘Shiv Shakti point’.

“An Indian astronaut is onboard the International Space Station as we speak. We are now working on a manned space mission, ‘Gaganyaan’. Soon, an Indian will walk on the moon, and India will have its own space station,” he said, while addressing the Indian community in Trinidad and Tobago.

PM Modi also said that India is sharing the “fruit of its achievements with the rest of the world”.

“I am sure everyone among you feels proud when India grows. For New India, even the sky is not the limit. You all must have cheered when India’s Chandrayaan landed on the moon. The place where it landed, we have named it Shiv Shakti point,” the Prime Minister said.

He also hailed the Indian community in Trinidad and Tobago, calling them ‘Rashtradoot’ and as the “Ambassador of values and cultures”.

“We deeply value the strength and support of our diaspora. With over 35 million people spread across the world, the Indian diaspora is our pride. As I have often said, each one of you is a Rashtradoot – an Ambassador of India’s values, culture and heritage,” the Prime Minister added.

He also said: “This year, when we hosted the Pravasi Bharatiya Diwas in Bhubaneshwar, Trinidad and Tobago President Christine Carla Kangaloo ji was our Chief Guest. A few years ago, Prime Minister Kamla Persad-Bissessar Ji had honoured us with her presence.”

“At the Pravasi Bhartiya Divas, I announced several initiatives to honour and connect with the Girmitiya community across the world. We are mapping the past and bringing people closer for a bright future. We are actively working on creating a comprehensive database of the Girmitiya community. Documenting the villages and cities in India from which their ancestors migrated, identifying the places where they have settled, studying and preserving the legacy of the Girmitiya ancestors, and working to organise World Girmitiya Conferences regularly. This will support the deep and historic ties with our brothers and sisters in Trinidad and Tobago as well,” the Prime Minister added.

“I am sure that all of you welcomed the return of Ram Lalla to Ayodhya after 500 years… You had sent Holy water and ‘Shila’ for building the Ram Mandir in Ayodhya. I have also brought something here with a similar sense of devotion. It is my honour to bring a replica of Ram Mandir and some water from the Holy Saryu,” Mr. Modi said.

Highlighting that the sixth generations of the Indian diaspora in Trinidad and Tobago are set to receive their Overseas Citizenship of India (OCI) cards, Prime Minister Narendra Modi said on Thursday that the former are not just connected by blood or surnames as India wholeheartedly welcomed them.

“Today, I am happy to announce that OCI cards will now be given to the sixth generation of the Indian diaspora in Trinidad & Tobago. You are not just connected by blood or surname. You are connected by belonging. India looks out you, India welcomes you, and India embraces you,” Prime Minister Modi said, during his address to the Indian community in Trinidad and Tobago.

He also mentioned that PM Kamla Persad-Bissessar’s ancestors were from Bihar’s Buxar region.

“People consider her the daughter of Bihar… Bihar’s heritage is the pride of India and the world… Bihar has shown the way to the world in various fields for centuries. New opportunities will emerge from Bihar in the 21st century also,” he added.

The Prime Minister also welcomed the return of Ram Lalla to Ayodhya after 500 years with great joy and have deep faith and devotion towards Lord Ram.

Speaking to the Indian diaspora, PM Modi said, “We remember you had sent holy water and Shilas for building the Ram Mandir in Ayodhya.”

“I have also brought something here with a similar sense of devotion. I have also bought a replica of Ram Mandir and some holy water from River Sarayu,” he added.

PM Modi also said: “The Ram-Leelas in Sangre Grande and Dow Village are said to be truly unique. Shri Ram Charit Manas says, राम धामदा पुरी सुहावनि। लोक समस्त बिदित अति पावनि।। It means, the sacred city of Prabhu Shri Ram is so beautiful that its glory is spread across the world. I am sure you all welcomed the return of Ram Lalla to Ayodhya after 500 years with great joy.”

“Prabhu Shri Ram says that the glory of Ayodhya springs from the holy Sarayu. Whoever takes a dip in its water, finds eternal union with Shri Ram himself,” PM Modi said.

“You all know that earlier this year, the world’s largest spiritual gathering, the Maha Kumbh took place. I have the honour to carry water from the Maha Kumbh also with me. I request PM Kamla Persad-Bissessar ji to offer the holy waters of the Sarayu River and Maha Kumbh to the Ganga Dhara here. May these holy waters bless the people of Trinidad and Tobago.”

The Prime Minister also added: “I know the story of the Indian community in Trinidad and Tobago is about courage. The circumstances your ancestors faced could have broken even the strongest of spirits. But they faced hardships with hope. They met problems with persistence. They left the Ganga and Yamuna behind but carried the Ramayan in their hearts. They left their soil, but not their soul. They were not just migrants. They were messengers of a timeless civilisation. Their contributions have benefitted this country — culturally, economically and spiritually. Just look at the impact that you have all had on this beautiful nation.”

“Our bond goes beyond geography and generations,” PM Modi noted.

The Prime Minister also said: “Kamla Persad-Bissessar Ji — as the first woman Prime Minister of this country. Her Excellency Christine Carla Kangaloo Ji – as the female President. Late Basdeo Pandey, the son of a farmer, rose to become Prime Minister and a respected global leader. Eminent math scholar Rudranath Capildeo, music icon Sundar Popo, cricketing talent Darren Ganga, and Sewdass Sadhu, whose devotion built the Temple in the Sea. The list of achievers goes on.”

“You, the children of Girmitiyas, are not defined by struggle anymore. You are defined by your success, your service, and your values. Honestly, there must be something magical in the “doubles” and “dal poori” — because you have doubled the success of this great nation!” PM Modi said in his address to the Indian community here.

“When I last visited 25 years ago, we all admired the cover drives and pull shots of Lara. Today, it is Sunil Narine and Nicholas Pooran who ignite the same excitement in the hearts of our youth. Between then and now, our friendship has grown even stronger.”

“Benaras, Patna, Kolkata, Delhi may be cities in India. But they are also names of streets here. Navratra, Mahashivratri, Janmasthmi are celebrated here with joy, spirit and pride. Chowtal and Baithak Gana continue to thrive here.”

“I can see the warmth of many familiar faces. And I see curiosity in the bright eyes of a younger generation – keen to know and grow together. Truly, our bonds go well beyond geography and generations.”

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