The country’s largest insurance company LIC was listed in the stock market in May 2022.
New Delhi:
The government has allowed Life Insurance Corporation of India (LIC) to acquire 25 per cent minimum public shareholding (MPS) within 10 years. The public sector insurance company gave this information on Thursday.
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The government now owns 96.5 percent stake in LIC
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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 or IPO. Currently, the government owns 96.5 per cent stake in the company.
One time discount for MPS till May 2032
The Department of Economic Affairs has granted a one-time discount to LIC for achieving a minimum public shareholding of 25 per cent by May 2032, 10 years from the date of listing, LIC said in a filing to the stock exchange.
The rules were amended earlier this year
Let us tell you that the government revised the rules earlier this year. The amendment was made to exempt listed public sector companies and banks even after privatization from the requirement of 25 per cent minimum public shareholding in public interest as required.
Talking about the share price of the company, LIC shares closed at Rs 766.80 with a gain of 0.73% yesterday.