The price band for the initial public offering of LIC has been set at Rs 902 to Rs 949, with a discount of Rs 60 for policyholders

At the upper end of the price band, the government may raise up to Rs 21,000 crore.

For retail and employees, the discount will be of Rs 40, the persons privy to the development told the news channel.

The much-awaited IPO of the state-run insurance behemoth is set to open on May 4, the sources said a day earlier, adding that the issue is likely to close on May 9.

The anchor book for the offer is expected to open on May 2, they added, further noting that there will be no greenshoe option in the IPO.

The price band for the LIC IPO has been set at Rs 902 to Rs 949.

India now expects to raise up to $2.74 billion from selling a 3.5 percent stake in LIC, a third of the original expectations and a billion short of the original projection.

At the new rate, the government could raise $2.61 billion at the lower end of the price band.