LIC share at the top for 52 weeks, A new decision by the government

Business Desk: There has been a tremendous rise in the shares of government insurance company LIC. LIC shares have reached Rs 820.05 with a rise of 7 percent. This is a new 52-week high level for the shares of insurance company Life Insurance Corporation of India (LIC). Shares of LIC had closed at Rs 764.55 on Thursday. This sharp rise in the shares of the insurance company has come after the government gave a big concession. The market cap of LIC has crossed Rs 5 lakh Crore

A big relief from the government

Government insurance company LIC has said that the government has given a one-time exemption to meet the 25 percent minimum public shareholding (MPS) norms. Now the insurance company can meet the minimum public shareholding within 10 years from the date of listing. According to market regulator SEBI norms, any company has to meet the 25 percent minimum public shareholding norms within 3 years of listing or within one year of merger/acquisition.

Insurance company shares were allotted at Rs 949
The price band of the IPO of the government insurance company LIC was Rs 902 to Rs 949. The company’s shares were allotted at Rs 949 in the IPO. The company’s shares were listed on the Bombay Stock Exchange on May 17, 2022, at Rs 867.20. At the same time, the company’s shares were listed at Rs 872 on the National Stock Exchange. Shares of insurance company LIC are still trading at a discount from their issue price

In the last 2 months, LIC share price has risen by about 35 percent. Shares of the insurance company were at Rs 604.95 on October 26, 2023. The lic share today of the company has reached Rs 820.05 on 22 December 2023. The 52-week low level of LIC shares price is Rs 530.20.