In an exchange filing, LIC said, “The Department of Economic Affairs, Ministry of Finance has decided in the public interest, to grant one-time exemption to Life Insurance Corporation of India to achieve 25% Minimum Public Shareholding (MPS) within 10 years from the date of listing i.e., till May 2032.”

Shares of LIC debuted on the bourses on 17 May 2022. The scrip was listed at Rs 867.20, representing an 8.62% discount to the issue price of Rs 949.

According to SEBI's minimum public-shareholding requirements, listed entities with a valuation of more than Rs 1 lakh crore must have at least 25% public shareholding within five years of listing.

The Union government exempted public-sector entities from this rule in 2021. As of September 2023, the public owned only 3.50% of LIC, while the government owned the remaining 96.50%.

LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country.

The counter hit a 52-week high of Rs 820.05 in today’s intraday session.