LIC employees go on strike against IPO in various parts of India

Several Life Insurance Corporation (LIC) employees and union employees expressed their unhappiness and protested against the central government’s decision to go with its Initial Public Offering (IPO) in various parts of the country on Wednesday. With this, India aims for its largest IPO ever.
Employees of the LIC went on strike from 11 am to 1 pm in Ahmedabad. They said that privatising LIC would put an end to it. The IPO offering essentially will make put of the Public Sector Unit (PSU) in private hands.
Various organisations including the All India Insurance Employees Association, and DMK Trade union sit on a dharna to protest against the same in Chennai, Tamilnadu.
Also Read LIC IPO will result in loss of 50K crore, alleges PCPSPS “Govt is doing this to benefit some private players. We’ll continue to protest against it,” said DMK MP TKS Elangovan, during a protest in Tamil Nadu.
The IPO of LIC opened for public subscription on Wednesday morning, and around one-third of the shares were subscribed in the first two hours.
Policyholders and employees are driving the subscriptions. The policyholders’ portion was fully subscribed just within a couple of hours of the opening of the public subscription of the country’s largest IPO.