Mumbai, May 15 (IANS): Life Insurance Corporation of India (LIC) on Wednesday announced that markets regulator Securities and Exchange Board of India (SEBI) has granted it a three-year extension to comply with minimum 10 per cent public shareholding norms.

"Pursuant to Regulation 30 of Listing Regulations, this is to inform the Securities and Exchange Board of India (SEBI) vide its letter dated May 14, 2024, has conveyed its decision, to grant additional time of three years to Life Insurance Corporation of India to achieve 10 per cent public shareholding under Rule 19(2)(b)(iv) of the Securities Contracts (Regulation) Rules, 1957, i.e., within a period of 5 years from the date of listing," LIC stated in a filing with the stock exchanges.

The revised timeline for the state-owned insurance giant to achieve 10 per cent public shareholding has been extended till on or before May 16, 2027.

As of March 31, 2024, the public shareholding in LIC works out to 3.5 per cent.