2024-05-17 16:09:36
New Delhi: Market regulator SEBI has given massive aid to the nation’s largest insurance coverage firm LIC. The corporate says that SEBI has given it three years time to satisfy the foundations of minimal public shareholding. In keeping with this, LIC has to attain the goal of 10 p.c public shareholding by Might 16, 2027. Together with this, lots of progress is being seen within the shares of the corporate. Regardless of the decline within the inventory market, LIC shares are buying and selling with an increase of greater than three p.c. At 10.50 am it was buying and selling at Rs 960 with an increase of three.11 p.c. Its 52-week excessive is Rs 1,175. In keeping with SEBI guidelines, there must be at the very least 25 p.c public shareholding in all listed firms. However newly listed firms are given three years to observe this rule. Firms whose post-issue market cap is greater than Rs 1 lakh crore have 5 years to carry 25 per cent public shareholding. In December, the Finance Ministry had given LIC time until 2032 to adjust to these guidelines. Since then the shares of the corporate have been rising. The federal government has 96.5 p.c stake in LIC. The federal government had introduced LIC of this firm in Might 2022. Underneath this, the federal government had raised about Rs 21,000 crore by promoting 3.5 p.c of its stake within the firm. That is the largest IPO within the nation thus far. Its concern value was Rs 949.
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LIC shares have gained 69 p.c within the final one 12 months. The corporate’s shares have gained momentum as a result of the potential of progress getting again on observe within the monetary 12 months 2025. Within the March quarter, the corporate’s standalone internet revenue elevated by 466 per cent to Rs 13,428 crore, whereas internet premium revenue fell by eight per cent to Rs 1.31 lakh crore. In the identical quarter final 12 months, the corporate’s internet premium revenue stood at Rs 1.43 lakh crore.