LIC got three-year extension from SEBI to comply with minimum public shareholding norm

LIC: SEBI (Securities and Exchange Board of India) has given a three-year extension to Life Insurance Corporation of India (LIC) to meet the minimum public shareholding rules. State-owned company LIC has given this information in an exchange filing on Wednesday. This news may come as a relief to investors, as it averts the possibility of supply disruption following the government's offer for sale to meet the Minimum Public Shareholding (MPS) norms.

With SEBI's decision, LIC has got approval to acquire 10 percent minimum public shareholding within five years from the date of listing. “The revised deadline for LIC to achieve 10 per cent minimum public shareholding is on or before May 16, 2027,” the filing said.

LIC shares rise today on the basis of news

Shares of LIC today reached Rs 970.20 with a rise of Rs 39.20 or 4.21 per cent. Its shares have seen a surge due to the news of extension of deadline for minimum public shareholding.

LIC has got a deadline of five years

According to SEBI rules, all listed companies are required to maintain a minimum public shareholding float of 25 percent. Newly listed companies are given a period of three years. However, companies with post-issue market cap of more than Rs 1 trillion have a timeline of five years to meet the 25 per cent MPS rule.

Government's majority stake in LIC

Last December, the Finance Ministry had exempted LIC from following the 25 percent MPS (minimum public shareholding) criteria till 2032. After this, a rise was seen in the stock of PSU Insurance Company. The government holds 96.5 percent stake in LIC. In May 2022, the central government had sold 3.5 percent stake in LIC IPO through an offer for sale worth about Rs 21,000 crore.

read this also

TBO Tek: Explosive listing of TBO Tech, made huge income by entering at 55 percent premium.

Bachelor in Paradise’s Becca Kufrin, Thomas Jacobs Celebrate Buying New House

Becca Kufrin and her husband Thomas Jacobs are new homeowners! The Bachelor in Paradise alums announced in an Instagram post on Sunday, May ...

Brittany Mahomes Shares Glimpse of Her Family’s ‘Perfect Sunday’

Off-season Sundays are easy for Brittany Mahomes and husband Patrick Mahomes! The 2024 Sports Illustrated Swimsuit model, 28, posted photos ...

Free Fire Max Redeem Codes of 20th May 2024 100 percent working Active how to redeem ff codes in hindi Free Rewards items

Free Fire Redeem Codes: Gamers playing Free Fire Max are always waiting for new redeem codes. Redeem code is something ...

Jessica Alba and Cash Warren Celebrate 16th Wedding Anniversary

Jessica Alba and Cash Warren are celebrating their wedding anniversary in style! On Sunday, May 19, Alba, 43, shared a post on ...

Kevin Costner Receives Standing Ovation for ‘Horizon’ at Cannes

Kevin Costner just received quite a standing ovation for his first directing effort in 11 years. The 69-year-old actor became ...

Zoe Saldaña Says ‘Emilia Pérez’ Film Celebrates Mexico’s Culture

Zoe Saldaña is giving fresh insight about Emilia Pérez in France! During a 2024 Cannes Film Festival press conference that ...

Ryan Sutter Says He and Wife Trista Are ‘Great’ Following Cryptic Posts

Ryan Sutter says he and wife Trista Sutter are "great" while also revealing she's "inaccessible" to her family right now ...

Whoopi Goldberg Voices Michelle Buteau’s Breasts in New Movie ‘Babes’

Whoopi Goldberg's latest movie role is a "dream come true" for fellow actor Michelle Buteau. During an interview on The ...

5 longest sixes in IPL 2024, MS Dhoni's 110m six against Royal Challengers Bangalore tops the list

IPL 2024: The 17th season of the Indian Premier League has been very tremendous for the batsmen. A total of ...

‘That Song Is My Jam!’

Adele has nothing but rave reviews for Sabrina Carpenter! In a video captured by the British singer's fans as she performed ...

Leave a Comment