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Shares of state-run insurance company LIC have seen a tremendous surge. LIC shares rose 7% to Rs 820.05. This is a new 52-week high for shares of insurance company Life Insurance Corporation of India (LIC). On Thursday, LIC shares traded at Rs. closed at 764.55. This rapid rise in the shares of the insurance company has come after the government gave a big concession. LIC’s market cap is Rs. 5 lakh crore has been crossed.
Big relief from Govt
State-run insurer LIC has said that the government has given a one-time relaxation to meet the 25 per cent minimum public shareholding (MPS) norms. Now an insurance company can meet the minimum public shareholding within 10 years from the date of listing. As per the norms of market regulator Sebi, any company has to meet the norms of 25% minimum public shareholding within three years of listing or within one year of merger/acquisition.
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The shares of the insurance company were allotted at Rs 949.
The price band of the IPO of state-run insurance company LIC is Rs. 902 to Rs. was 949. Shares of the company in IPO Rs. 949 were allotted. On 17 May 2022, the shares of the company were Rs. at 867.20 Bombay Stock Exchange were listed. there itself, National Stock Exchange But the shares of the company were listed at Rs.872. Shares of insurance company LIC are still trading at a discount to their issue price. LIC shares have gained nearly 35% in the last 2 months. Shares of the insurance company on October 26, 2023 at Rs. were at 604.95. Shares of the company have reached Rs 820.05 on 22 December 2023. LIC shares hit a 52-week low of Rs. is 530.20.
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