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Life Insurance Corporation (NS:LIFI) of India (LIC) announced on Wednesday that it has received a three-year extension from the Securities and Exchange Board of India (SEBI) to comply with the minimum 10 percent public shareholding norms.
According to a filing with the stock exchanges, LIC stated, “SEBI, through its letter dated May 14, 2024, has granted additional time of three years to Life Insurance Corporation of India to achieve 10 percent 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,”
The revised deadline for LIC to achieve 10 percent public shareholding has been extended until on or before May 16, 2027.
As of March 31, 2024, LIC’s public shareholding stands at 3.5 per
