LIC gets permission to achieve 25 percent minimum public shareholding in 10 years
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The country’s largest insurance company LIC was listed in May 2022. The government had sold more than 22.13 crore shares or 3.5 percent stake in LIC through the initial public offering (IPO).
The government has allowed Life Insurance Corporation of India (LIC) to achieve 25 percent minimum public shareholding (MPS) within 10 years. The public sector insurance company gave this information on Thursday.
The country’s largest insurance company LIC was listed in May 2022. The government had sold more than 22.13 crore shares or 3.5 percent stake in LIC through the initial public offering (IPO).
The government currently holds 96.5 percent stake in the company. LIC said in the information given to the stock exchange that the Department of Economic Affairs has given ‘one time exemption to LIC to achieve 25 percent minimum public shareholding within 10 years from the date of listing i.e. by May 2032.
The government had earlier this year amended the rules to allow listed public sector companies and banks to be exempted from the requirement of 25 per cent minimum public shareholding even after privatization if needed in public interest.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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