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LIC News: The government has allowed Life Insurance Corporation of India (LIC) to achieve 25 percent minimum public shareholding (MPS) in 10 years. The public sector insurance company gave this information on Thursday. Let us tell you that the country’s largest insurance company LIC was listed in May 2022. The government sold over 22.13 crore shares or 3.5 per cent stake in LIC through an initial public offering (IPO). The government currently holds 96.5 percent stake in the company.
What did the insurance company say?
LIC said in a stock market disclosure that the Department of Economic Affairs has granted a one-time concession to LIC to achieve a minimum public shareholding of 25 per cent within 10 years from the date of listing i.e. by May 2032. In fact, the government earlier this year amended the rules to allow listed public sector companies and banks to be exempted from the requirement of 25 per cent minimum public shareholding in the public interest even after privatisation, as required.
lic share price
The fourth trading day of the week saw a marginal rise in the share price of LIC on Thursday. The stock closed at Rs.764.55 at the end of trading. On December 14 itself, the share was Rs. A 52-week high of 820 was reached.
market conditions
On Thursday, the fourth trading day of the week, stock markets picked up again BSE Sensex There was a jump of 359 points. HDFC Bank with a strong stake in the index and Reliance Industries The market was in profit due to buying in The BSE Sensex closed up 358.79 points or 0.51 percent at 70,865.10. The Nifty also closed up 104.90 points or 0.50 percent at 21,255.05 points.