
India’s largest insurer Life Insurance Corporation of India (LIC) has received approval from the capital market regulator SEBI for additional 3 years of time to meet the minimum public shareholding norms. Shares of LIC jumped over 2% in trade today to hit an intraday high of Rs 959. As of 10:25 AM, LIC share price was at Rs 951.60, up 2.2% on the NSE.
According to the Securities and Exchange Board of India (SEBI), all public listed companies should have a minimum public shareholding of 25% or not more than 75% in any case. LIC had sought relief from the regulator to meet the MPS. As of the latest shareholding pattern, the public shareholding for LIC is only at 3.50%.