SEBI grants additional three years of time to LIC to achieve 10% public shareholding

15 May 2024 Evaluate

The Securities and Exchange Board of India (SEBI) has granted an additional three years of time to the Life Insurance Corporation of India (LIC) to achieve 10 per cent public shareholding. Under Rule 19(2)(b)(iv) of the Securities Contracts (Regulation) Rules, 1957, a company must have a 10 per cent public shareholding in 5 years from the date of listing.

Accordingly, with the SEBI's extension, the revised timeline for the insurance corporation to achieve 10 per cent public shareholding is on or before May 16, 2027. The central government has earlier granted a one-time exemption to Life Insurance Corporation of India to achieve 25 per cent Minimum Public Shareholding (MPS) within 10 years since its listing on the exchanges.

The country's largest insurer, LIC, was listed on the exchanges in May 2022. The government had reportedly sold over 22.13 crore shares, or a 3.5 per cent stake in LIC, through initial public offering (IPO). Reportedly, the government currently holds 96.5 per cent stake in the company.

Life Insurance Corporation of India, popularly known as LIC is Indian state-owned insurance group and Investment Company.


Life Insurance Corp Share Price

900.90 -4.30 (-0.48%)
20-Dec-2024 16:59 View Price Chart
Peers
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