The Centre by a one-time exemption has granted insurance coverage main Life Insurance Corporation of India (LIC) time until May 2032 to comply with the 25% minimum public shareholding (MPS) requirement.
“The Department of Economic Affairs, Ministry of Finance, has decided in the public interest to grant one-time exemption to Life Insurance Corporation of India to achieve 25% minimum public shareholding within 10 years from the date of listing i.e. till May 2032,” the life insurer stated in a submitting on Thursday. The exemption has been given below Rule 19A (6) of the Securities Contract (Regulations) Rules (SCRR) 1957, it stated.
The authorities holding within the insurer stood at 96.50% after the IPO final 12 months through which 3.50 was divested. LIC had listed in May 2022. According to SEBI norms, an organization has to obtain the 25% MPS inside three years of itemizing.
