The Centre by way of a one-time exemption has granted insurance coverage main Life Insurance coverage Company of India (LIC) time until Could 2032 to adjust to the 25% minimal public shareholding (MPS) requirement.
“The Division of Financial Affairs, Ministry of Finance, has determined within the public curiosity to grant one-time exemption to Life Insurance coverage Company of India to attain 25% minimal public shareholding inside 10 years from the date of itemizing i.e. until Could 2032,” the life insurer stated in a submitting on Thursday. The exemption has been given beneath Rule 19A (6) of the Securities Contract (Laws) Guidelines (SCRR) 1957, it stated.
The federal government holding within the insurer stood at 96.50% after the IPO final 12 months during which 3.50 was divested. LIC had listed in Could 2022. In response to SEBI norms, an organization has to attain the 25% MPS inside three years of itemizing.