Tuesday, March 21, 2023

Jamshedpur LIC IPO: Insurance employees boycott work for 2 hours


Mail News Service

Jamshedpur, May 4: Members of Insurance Employees Association, Jamshedpur Division observed two hour long token strike to oppose the proposed IPO of LIC here on Wednesday. They walked out of their offices to register their protest on the call of All India Insurance Employees Association and All India LIC Employees Federation.

The agitators alleged that the main purpose of ‘Public money, for public welfare’ behind the establishment of LIC had ended with the listing of LIC with the stock exchange ahead of the upcoming IPO. They said the government move would pave way for the capitalists. They raised doubt on the entire IPO issuance process and claimed the offer price was very low.

“Usually the offer price is 2.5 to 3.5 times the embedded value. But in LIC’s case, it is just 1.1 times the embedded value. The government would have got upto Rs 56,700 crore but sadly it will only get Rs 21,000 crore. This is being done to please the investors,” said one of the agitators.

The agitators included Amit Maiti, Girish Ojha, KK Shukla, Sukanto Sharma and Mahendra Mardi.


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