LIC shares closed nearly 4% higher on Friday after receiving a 10-year exemption for minimum public shareholding norms. The stock reached its 52-week high during intra-day trading.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Dec 22 (PTI) Life Insurance Corporation of India (LIC) stock ended nearly 4 per cent higher on Friday after the insurer got more time to comply with the minimum public shareholding norm.
The stock rallied 7.25 per cent to reach its 52-week high of Rs 820.05 during the day on the BSE. It later ended at Rs 793.10, up 3.73 per cent.
At the NSE, shares of the company ended at Rs 792.20, climbing 3.62 per cent. During the day, it jumped 7.39 per cent to Rs 821 -- its 52-week high level.
The company's market valuation also climbed Rs 18,057.88 crore to reach Rs 5,01,635.57 crore.
The government has granted a one-time exemption to LIC to achieve the required 25 per cent Minimum Public Shareholding (MPS) within 10 years, the state-owned insurance company said on Thursday.
The country's largest insurer was listed in May 2022. The government had sold over 22.13 crore shares, or a 3.5 per cent stake in LIC, through an Initial Public Offering (IPO).
The government holds 96.5 per cent stake in the company.
In a stock exchange filing, LIC said the Department of Economic Affairs has decided to grant a "one-time exemption to LIC to achieve 25 per cent MPS within 10 years from the date of listing i.e., till May 2032".
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