On Wednesday, the Life Insurance Corporation of India (LIC) revealed that it has been granted a three-year extension by the Securities and Exchange Board of India (Sebi) to comply with the minimum 10 per cent public shareholding norms.
In accordance with Regulation 30 of the Listing Regulations, LIC announced in a filing with the stock exchanges that Sebi, through its letter dated 14 May 2024, has approved the extension. This grants LIC additional time to achieve 10 per cent public shareholding as per Rule 19(2)(b)(iv) of the Securities Contracts (Regulation) Rules, 1957. The revised timeline for LIC to reach the 10 per cent mark has now been extended until on or before 16 May 2027.
As of 31 March 2024, LIC's public shareholding stands at 3.5 per cent.
