SEBI has granted Life Insurance Corporation of India (LIC) additional time of three years to achieve 10 per cent public shareholding.
Currently, the government has a 96.50 per cent shareholding in India’s largest life insurer, with the balance (3.50 per cent) being public shareholding.
“...Securities and Exchange Board of India (“SEBI”)...has conveyed its decision to grant additional time of 3 years to Life Insurance Corporation of India to achieve 10 per cent public shareholding ...i.e., within a period of 5 years from the date of listing.” the Corporation said in an exchange filing. LIC was listed on May 17, 2022.
Accordingly, the revised timeline for the Corporation to achieve 10 per cent public shareholding is on or before May 16, 2027.