LIC Shares Settle Nearly 4% Up; Reach 52-Week High Level In Intra-Day Trade

Image Courtesy: ANI

New Delhi: Life Insurance Corporation of India (LIC) stock ended nearly 4 percent higher on Friday after the insurer got more time to comply with the minimum public shareholding norm. The stock rallied 7.25 percent 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 percent.

At the NSE, shares of the company ended at Rs 792.20, climbing 3.62 percent. During the day, it jumped 7.39 percent 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 percent 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 percent stake in LIC, through an Initial Public Offering (IPO).

The government holds a 96.5 percent 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 percent MPS within 10 years from the date of listing i.e., till May 2032".