Life Insurance Corporation of India (LIC) on Wednesday said the Securities and Exchange Board of India (Sebi) has granted an additional three years to achieve 10 per cent public shareholding. Following the news, the LIC share saw a 4 per cent jump on the BSE.
Accordingly, the revised timeline for LIC to achieve 10 per cent public shareholding is on or before May 16, 2027, according to a BSE filing.
“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 to achieve 10 per cent 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,” LIC said in the BSE filing on Wednesday.
As of March 31, 2024, public shareholding in LIC stands at 3.5 per cent.
Following the news, shares of LIC on Wednesday jumped Rs 36.85 or 3.96 per cent to Rs 967.90 apiece on the BSE.
(The story will be updated)
-
Sustained reforms will help India maintain growth momentum, says ADB’s Albert Park
-
India could consider tweaking inflation target if growth stays robust, global shocks persist: RBI DG
-
Gokula Education Foundation (Medical) launches RISM, a globally aligned STEM and Management university focused on AI, aerospace, and future-ready skills
-
Why are gold and silver prices up today, and will gold touch $4,600 and silver reach $80 in next jump? Full explainer on market signals and investor outlook
-
Euler Motors doubles FY26 revenue to Rs 402 crore, losses expand
