The country's largest insurer, LIC, was listed on the exchanges in May 2022. The government had reportedly sold over 22.13 crore shares, or a 3.5% stake in LIC, through initial public offering (IPO).
Reportedly, the government currently holds 96.5% stake in the company.
"...the Department of Economic Affairs, Ministry of Finance vide Office Memorandum dated December 20, 2023 has decided in the public interest, to grant one-time exemption to Life Insurance Corporation of India to achieve 25% Minimum Public Shareholding (MPS) within 10 years from the date of listing i.e., till May 2032..." LIC informed stock exchanges in a filing.
At 12.47 pm, the shares of LIC were 4.4% higher at Rs 797.9, hitting a 52-week high. In 2023, the shares cumulatively rose by just about 13%.
The issue price for LIC's IPO was Rs 949.