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Business News/ Markets / Stock Markets/  LIC share price jumps as SEBI grants additional three years to achieve 10% public shareholding norm
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LIC share price jumps as SEBI grants additional three years to achieve 10% public shareholding norm

LIC share price is rising as SEBI has granted an additional three years to LIC to achieve 10% public shareholding on or before 16th May 2027

LIC share price today opened upside at ₹934 apiece on NSE and touched an intraday high of ₹962 per share, recording an over 5 percent rise against Tuesday's close of ₹931 apiece.Premium
LIC share price today opened upside at 934 apiece on NSE and touched an intraday high of 962 per share, recording an over 5 percent rise against Tuesday's close of 931 apiece.

LIC share price: Shares of the Life Insurance Corporation (LIC) of India witnessed strong buying in the early morning session as the market regulator Securities and Exchange Board of India (SEBI) granted an additional three years to achieve 10 percent public shareholding norms. After this SEBI relaxation, the new timeline for the insurance behemoth to achieve the shareholding norm is on or before May 16th, 2027.

LIC share price today opened upside at 934 apiece on NSE and touched an intraday high of 962 per share, recording an over 5 percent rise against Tuesday's close of 931 apiece.

SEBI extends LIC's timeline for public shareholding

The Life Insurance Corporation of India informed Indian stock market's exchanges about getting the SEBI's approval saying, “Pursuant to Regulation 30 of Listing Regulations, this is to inform that Securities and Exchange Board of India (“SEBI") vide its letter dated May 14, 2024 has conveyed its decision, to grant additional time of 3 years to Life Insurance Corporation of India (“the Corporation") to achieve 10% 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. Accordingly, the revised timeline for the Corporation to achieve 10% public shareholding is on or before May 16, 2027."

LIC shares listed on the BSE and NSE on 17th May 2022 and the insurance behemoth had to achieve 10 percent public shareholding norm as per the exchange rules by 16th May 2024. However, the insurer needed an additional time to achieve this shareholding norm. The market regulator SEBI granted and additional three years to enable LIC to achieve the existing shareholding norms under the Rule 19(2)(b)(iv) of the Securities Contracts (Regulation) Rules, 1957.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 15 May 2024, 10:58 AM IST
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