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.


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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. (Also Read: 'Aaj Realize Hua That Starbucks Is...:' Anupam Mittal Criticises Starbucks For THIS Reason)


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. (Also Read: Happy Forgings IPO Allotment: How To Check Application Status? Check Here)


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".