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Does proportionate allotment means that we will be allotted based on the number of lots we have applied and total applications? Even if the IPO is oversubscribed, will i be still getting shares?

Yes. Share allotment for policyholders and employee category applicants will be done on proportionate basis.
To clarify on what does this draw of lots and proportionate basis of allotment mean, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "In retail category, share allotment will be done on the basis of draw of lots that means allottees will get lots through allotment or a minimum of 15 LIC shares if their application gets through the lucky draw. however, in the case of policyholders and employees category, all applicants will be given at least some share(s) on the proportionate basis that means here share allotment won't be done on the basis of lots. So, one should apply as much of lots as one can if it falls under the category of LIC policyholder and employees category. by doing this, they will be able to enhance their chances of getting more LIC shares."