Public shareholding guideline: LIC gets time till 2032

Synopsis In May 2022, the federal government had actually offered 3.5% stake in LIC IPO, which was a totally (sell) worth around Rs 21,000 crore. It stays India’s biggest IPO to date.IANSState-owned India’s biggest insurance company LIC or Life Insurance Corporation of India has actually been excused till 2032 to follow 25% minimum public shareholding standards. “Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to notify you that the Department of Economic Affairs, Ministry of Finance vide Office Memorandum dated December 20, 2023, has actually chosen in the general public interest, to give one-time exemption to Life Insurance Corporation of India to attain 25% Minimum Public Shareholding (MPS) within 10 years from the date of noting i.e., till May 2032 under Rule 19A (6) of the Securities Contract (Regulations) Rules (SCRR) 1957,” LIC stated in a regulative filing. In May 2022, the federal government had actually offered 3.5% stake in LIC IPO, which was a totally (market) worth around Rs 21,000 crore. It stays India’s biggest IPO to date. The stock is now down around 19% from its IPO concern rate of Rs 949 per share. LIC shares ended 0.5% greater at Rs 764.55 on the BSE on Thursday. In the last couple of weeks the stock has actually seen fresh purchasing interest. In the last one month alone LIC is up 25%. The current round of purchasing the heavyweight counter follows brokerages updated the counter with buy calls. A part of the financier optimism is likewise being credited to the launch of the brand-new Jeevan Ustav plan, which is a life insurance coverage strategy introduced with lifet
Learn more