M&M shares jump 4% after Q4 results; m-cap climbs Rs 8,742 crore
Synopsis
The company added Rs 37,159.36 crore taking its market capitalisation (mcap) to Rs 6,26,048.27 crore.
The company added Rs 37,159.36 crore taking its market capitalisation (mcap) to Rs 6,26,048.27 crore.
In volume terms, 7.77 lakh shares of the company were traded on the BSE and over 76.37 lakh shares exchanged hands on the NSE during the day.
Currently, the government holding in LIC is 96.50 per cent, while public holding is 3.50 per cent.
"Securities and Exchange Board of India vide its letter dated May 14, 2024, has conveyed its decision, to grant additional time of 3 years to Life Insurance Corporation of India to achieve 10 per cent public shareholding... i.e., within a period of 5 years from the date of listing," LIC said in a regulatory filing on Wednesday.
Accordingly, the revised timeline for the Corporation to achieve 10 per cent public shareholding is on or before May 16, 2027, LIC said.
Stocks Recommendations
Public sector behemoth LIC listed on the bourses on May 17, 2022. As per Sebi norms, LIC was required to achieve 10 per cent public shareholding within 2 years of listing in the capital market.
The government sold over 22.13 crore shares or a 3.5 per cent stake in LIC through an Initial Public Offering (IPO) which fetched the government Rs 20,557 crore. The price band of the issue was Rs 902-949 a share.
(You can now subscribe to our ETMarkets WhatsApp channel)