Life Insurance Corporation of India is currently trading at Rs. 969.80, up by 38.75 points or 4.16% from its previous closing of Rs. 931.05 on the BSE.
The scrip opened at Rs. 934.00 and has touched a high and low of Rs. 983.00 and Rs. 933.05 respectively. So far 442228 shares were traded on the counter.
The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 1175.00 on 09-Feb-2024 and a 52 week low of Rs. 562.20 on 19-May-2023.
Last one week high and low of the scrip stood at Rs. 983.00 and Rs. 888.60 respectively. The current market cap of the company is Rs. 614789.78 crore.
The promoters holding in the company stood at 96.50%, while Institutions and Non-Institutions held 1.00% and 2.49% respectively.
The Securities and Exchange Board of India (SEBI) has granted an additional three years of time to the Life Insurance Corporation of India (LIC) to achieve 10 per cent public shareholding. Under Rule 19(2)(b)(iv) of the Securities Contracts (Regulation) Rules, 1957, a company must have a 10 per cent public shareholding in 5 years from the date of listing.
Accordingly, with the SEBI’s extension, the revised timeline for the insurance corporation to achieve 10 per cent public shareholding is on or before May 16, 2027. The central government has earlier granted a one-time exemption to Life Insurance Corporation of India to achieve 25 per cent Minimum Public Shareholding (MPS) within 10 years since its listing on the exchanges.
The country’s largest insurer, LIC, was listed on the exchanges in May 2022. The government had reportedly sold over 22.13 crore shares, or a 3.5 per cent stake in LIC, through initial public offering (IPO). Reportedly, the government currently holds 96.5 per cent stake in the company.