The minimum public shareholding of LIC is granted three more years by Sebi, and shares increase by 5.5%

Investors at the Life Insurance Corporation of India (LIC) have some excellent news! According to a statement released on Wednesday, LIC has been given an extra three years by the Securities and Exchange Board of India (Sebi) to boost the public ownership of its shares. This indicates that LIC will have until May 16, 2027, to fulfill the minimum requirement of 10% of its shares held by the public.

Following the news, the price of LIC shares on the BSE surged by approximately 5.51%, to Rs 982.35 per share. This is encouraging for the business because, as of March 31, 2024, the public owned just 3.5% of its shares.

LIC was previously given until May 2024 to reach the minimum public ownership standard. With this extension, they will have more time to draw in investors and raise awareness of the business among the general public.