Latest News | LIC Shares Rally over 7 Pc; Reach 52-week High Level

New Delhi, Dec 22 (PTI) Life Insurance Corporation of India (LIC) stock jumped over 7 per cent to reach its 52-week high in morning trade on Friday after getting a one-time exemption to achieve 25 per cent Minimum Public Shareholding (MPS) within 10 years.

The stock climbed 7.25 per cent to reach its 52-week high of Rs 820.05 on the BSE.

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At the NSE, it jumped 7.39 per cent to Rs 821 -- its 52-week high level.

The government has granted a one-time exemption to LIC to achieve 25 per cent MPS within 10 years, the state-owned insurer said on Thursday.

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The country's largest insurer was listed in May 2022. The government had sold over 22.13 crore shares, or a 3.5 per cent stake in LIC, through an Initial Public Offering (IPO).

The government holds 96.5 per cent stake in the company.

In a stock exchange filing, LIC said Department of Economic Affairs has decided to grant a "one-time exemption to LIC to achieve 25 per cent MPS within 10 years from the date of listing i.e., till May 2032".

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)