LIC Shares Surge 7%, Hit 52-Week High: Exemption on MPS
By Rediff Money Desk, NEWDELHI Dec 22, 2023 10:52
LIC stock soared over 7% to its 52-week high after receiving a one-time exemption to achieve 25% Minimum Public Shareholding (MPS) within 10 years.
New Delhi, Dec 22 (PTI) Life Insurance Corporation of India (LIC) stock jumped over 7 per cent to reach its 52-week high in morning trade on Friday after getting a one-time exemption to achieve 25 per cent Minimum Public Shareholding (MPS) within 10 years.
The stock climbed 7.25 per cent to reach its 52-week high of Rs 820.05 on the BSE.
At the NSE, it jumped 7.39 per cent to Rs 821 -- its 52-week high level.
The government has granted a one-time exemption to LIC to achieve 25 per cent MPS within 10 years, the state-owned insurer 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 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".
The stock climbed 7.25 per cent to reach its 52-week high of Rs 820.05 on the BSE.
At the NSE, it jumped 7.39 per cent to Rs 821 -- its 52-week high level.
The government has granted a one-time exemption to LIC to achieve 25 per cent MPS within 10 years, the state-owned insurer 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 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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