The Department of Economic Affairs, Ministry of Finance has granted one-time exemption to Life Insurance Corporation of India (LIC) to achieve 25% Minimum Public Shareholding (MPS) within 10 years from the date of listing i.e., till May 2032 under Rule 19A (6) of the Securities Contract (Regulations) Rules (SCRR) 1957.
The rule states that an entity with a market cap of more than Rs 1 lakh crore must have a minimum 25 per cent public shareholding within five years of listing. LIC listed on the bourses on May 17, 2022, which requires it to meet the 25% public shareholding norm by 2027. However, the life insurance giant has been given an extension of 10 years from the date of listing and now has a May 2032.
Life Insurance Corporation of India, popularly known as LIC is Indian state-owned insurance group and Investment Company.
