Centre grants one-time exemption to LIC to achieve 25% minimum public shareholding
Dec 22, 2023
New Delhi [India], December 22 : The central government has granted a one-time exemption to Life Insurance Corporation of India (LIC) to achieve 25 per cent Minimum Public Shareholding (MPS) within 10 years since its listing on the exchanges, the state-owned insurer informed stock 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.
"...the Department of Economic Affairs, Ministry of Finance vide Office Memorandum dated December 20, 2023 has decided in the public interest, to grant one-time exemption to Life Insurance Corporation of India to achieve 25 per cent Minimum Public Shareholding (MPS) within 10 years from the date of listing i.e., till May 2032..." LIC informed stock exchanges in a filing.
At 12.47 pm, the shares of LIC were 4.4 per cent higher at Rs 797.9, hitting a 52-week high. In 2023, the shares cumulatively rose by just about 13 per cent.
The issue price for LIC's IPO was Rs 949.
