Friday, July 11, 2025
spot_img

SEBI grants LIC 3 more years to achieve 10 pc public shareholding norm

Date:

Share post:

spot_imgspot_img

Shillong, May 15: Life Insurance Corporation of India (LIC) on Wednesday announced that markets regulator Securities and Exchange Board of India (SEBI) has granted it a three-year extension to comply with minimum 10 per cent public shareholding norms.

“Pursuant to Regulation 30 of Listing Regulations, this is to inform the Securities and Exchange Board of India (SEBI) vide its letter dated May 14, 2024, has conveyed its decision, to grant additional time of three years to Life Insurance Corporation of India to achieve 10 per cent 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,” LIC stated in a filing with the stock exchanges.

The revised timeline for the state-owned insurance giant to achieve 10 per cent public shareholding has been extended till on or before May 16, 2027.

As of March 31, 2024, the public shareholding in LIC works out to 3.5 per cent. (IANS)

spot_imgspot_img

Related articles

DRDO and IAF successfully test Astra BVRAAM with indigenous radio frequency seeker from Su-30 Mk-I

New Delhi, July 11: In a significant boost to India's self-reliance in defence technology, the Defence Research and...

Mayank Yadav’s rehab likely to start in coming weeks after undergoing surgery in Christchurch

New Delhi, July 11: Tearaway fast bowler Mayank Yadav is likely to begin his long rehab in the...

Pakistan: 98 killed, 185 injured as monsoon rains wreak havoc

Islamabad, July 11: Torrential monsoon rains and flash floods have claimed at least 98 lives and left 185...

India’s purchase of Russian oil helped bring down global prices: Hardeep Puri

New Delhi, July 11: Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Friday that India’s...