LIC gets 3 more years to dilute up to 10% stake

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MUMBAI: Sebi has prolonged LIC’s deadline to obtain a ten% public shareholding by three years. The choice, which was communicated by way of a letter dated May 14, 2024, grants LIC till May 16, 2027 to fulfill this requirement.LIC was listed on the inventory exchanges on May 17, 2022 after a Rs 21,000 crore IPO, which resulted in govt’s stake being diluted to 95%.
Rule 19(2)(b)(iv) of the Securities Contracts (Regulation) Rules, 1957 requires that firms dilute at the very least 5% of their shares to the general public initially. Additionally, the general public shareholding should improve to at the very least 10% inside two years and 25% inside 5 years from the itemizing date. Shares of LIC jumped more than 6% on Wednesday after the information.
Meanwhile, LIC Housing Finance on Wednesday reported a revenue of Rs 1,091 crore within the quarter ended March – a 7.5% decline from a 12 months in the past.


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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