LIC shares up after it gets 3 years to meet minimum public shareholding norms
LIC share price today: The shares of Life Insurance Corporation (LIC) of India opened at ₹934 apiece on NSE and touched an intraday high of ₹962 per share as they were up 5 per cent rise against Tuesday’s close of ₹931 apiece.
This comes after market regulator Securities and Exchange Board of India (Sebi) granted three years more years to LIC to achieve 10 per cent public shareholding norms. This means that the new timeline for LIC to achieve the shareholding norm is on or before May 16th, 2027.
Informing the exchanges, LIC noted, “Pursuant to Regulation 30 of Listing Regulations, this is to inform that Securities and Exchange Board of India (“SEBI”) vide its letter dated May 14, 2024 has conveyed its decision, to grant additional time of 3 years to Life Insurance Corporation of India (“the Corporation”) to achieve 10% public shareholding under Rule 19(2)(b)(iv) of the Securities Contracts (Regulation) Rules, 1957, i.e., within a period of 5 years from the date of listing. Accordingly, the revised timeline for the Corporation to achieve 10% public shareholding is on or before May 16, 2027.”
