Representational illustration of Life Insurance Corporation of India (LIC) brand
| Photo Credit: Reuters
Life Insurance Corporation (LIC) on Wednesday stated markets regulator SEBI has granted an extra 3 years time until May 16, 2027 to adjust to the ten% public shareholding norm.
Currently, Government holding in LIC is 96.50%, whereas public holding is 3.50%.
“Securities and Exchange Board of India vide its letter dated May 14, 2024 has conveyed its decision, to grant additional time of 3 years to Life Insurance Corporation of India to achieve 10% public shareholding… i.e., within a period of 5 years from the date of listing,” LIC stated in a regulatory submitting.
Accordingly, the revised timeline for the Corporation to obtain 10 per cent public shareholding is on or earlier than May 16, 2027, LIC stated.
Public sector behemoth LIC listed itself on the bourses on May 17, 2022. As per SEBI norms, LIC was required to obtain 10% public shareholding inside 2 years of itemizing within the capital market. The authorities bought over 22.13 crore shares or a 3.5 per cent stake in LIC by means of an Initial Public Offering (IPO) which fetched the federal government ₹20,557 crore. The value band of the problem was ₹902-949 a share.
Shares of LIC jumped 3.96% to ₹967.90 a chunk in afternoon commerce on the BSE.
