Now Loading

LIC granted three year time to achieve 10% public shareholding

LIC

State-owned insurance giant, Life Insurance Corporation of India (LIC), has been granted a three-year extension by the Securities and Exchange Board of India (SEBI) to meet minimum public shareholding requirements.

In an exchange filing, LIC stated that SEBI, in a letter dated May 14, 2024, has allowed the insurer additional time to achieve 10 percent public shareholding under Rule 19(2)(b)(iv) of the Securities Contracts (Regulation) Rules, 1957, extending the deadline to May 16, 2027.

Also read: PhonePe Maintains UPI Dominance with Nearly Half the Market Share in April 2024

Previously, in December, LIC had been granted a one-time exemption to reach a 25 percent minimum public shareholding by May 2032. SEBI regulations generally require companies to meet a 25 percent public shareholding within three years of listing or within one year of a merger or acquisition. For entities valued over one lakh crore, SEBI permits a five-year timeline to achieve this threshold.