IANS | 15 May, 2024
Life Insurance Corporation of India (LIC) on Wednesday announced that
markets regulator Securities and Exchange Board of India (SEBI) has
granted it a three-year extension to comply with minimum 10 per cent
public shareholding norms.
"Pursuant to Regulation 30 of Listing Regulations, this is to
inform the Securities and Exchange Board of India (SEBI) vide its letter
dated May 14, 2024, has conveyed its decision, to grant additional time
of three 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 stated in a filing with the stock
exchanges.
The revised timeline for the state-owned insurance
giant to achieve 10 per cent public shareholding has been extended till
on or before May 16, 2027.
As of March 31, 2024, the public shareholding in LIC works out to 3.5 per cent.
