The government has granted LIC a one-time exemption to achieve the minimum public shareholding requirement within 10 years. LIC, the country’s largest insurer, was listed in May 2022. The government had sold a 3.5% stake in LIC through an IPO, but still holds a 96.5% stake in the company. This exemption is a result of the government amending regulations for listed state-run companies that do not need to comply with the rule if the government decides it is in the public interest.
The Life Insurance Corporation of India (LIC) has been given a deadline extension until 2032 to adhere to the 25% public shareholding rule, according to the Securities and Exchange Board of India (SEBI).
In a listless trading session, Nifty traded in a narrow channel to form a red candle with minor upper and lower shadows on the daily chart. US stock indexes were muted in Friday’s shortened trading session for Thanksgiving. BSE and NSE have imposed fines on Power Grid Corporation for non-compliance. Berkshire Hathaway sold its entire stake in Paytm via a bulk deal. The rupee ended at a record closing low. Tata Technologies’ IPO received bids worth over Rs 1 lakh crore. LIC shares jumped 10% to record best day since listing.
Life Insurance Corporation of India (LIC) has sold 2% of its holding in Sun Pharma for ₹4,699 crore via open market sale. The sale resulted in a decrease in LIC’s shareholding from 5.023% to 3.012%. Sun Pharma is engaged in the business of manufacturing and marketing branded and generic formulations as well as Active Pharma Ingredients (APIs).
