NEW DELHI: The federal government has granted a one-time exemption to LIC to attain 25% minimal public shareholding (MPS) inside 10 years, the state-owned insurer stated on Thursday. The nation’s largest insurer LIC was listed in Might 2022. The federal government had bought over 22 crore shares, or a 3.5% stake in LIC, by means of an IPO. The federal government at present holds 96.5% stake within the firm.
Earlier this yr, the federal government had amended the regulation in order that listed state-run firms, together with banks, won’t have to adjust to the rule requiring an MPS of 25% even after their privatisation, if the federal government decides so “in public curiosity”. The exemption to the MPS rule was earlier out there solely to government-controlled firms.
Earlier this yr, the federal government had amended the regulation in order that listed state-run firms, together with banks, won’t have to adjust to the rule requiring an MPS of 25% even after their privatisation, if the federal government decides so “in public curiosity”. The exemption to the MPS rule was earlier out there solely to government-controlled firms.
