The market regulators, Securities and Exchange Board of India (Sebi), didn’t allow the option of retaining excess subscriptions -- known as “upsizing” in investment banking parlance -- for the initial public offering (IPO) of Life Insurance Corporation of India (LIC), said three people in the know.
According to the sources, LIC and investment bankers had come up with a plan to have a base issue size of Rs 21,000 crore (3.5 per cent dilution) and an option to upsize it by Rs 9,000 crore (1.5 per cent). This would have given the option to the government to raise up to Rs