Life Insurance Corporation of India (LIC) just got some good news for investors! The Securities and Exchange Board of India (Sebi) has granted LIC an additional three years to increase public ownership of its shares, according to a statement on Wednesday. This means LIC has until May 16, 2027, to reach the 10 per cent minimum public shareholding requirement.
The announcement sent LIC shares soaring on the BSE, jumping nearly 5.51% to a price of Rs 982.35 per share. This is a positive sign for the company, which currently has only 3.5 per cent of its shares held by the public as of March 31, 2024.
Previously, LIC faced a deadline of May 2024 to meet the minimum public shareholding norm. This extension gives them more time to attract investors and increase public participation in the company.
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