LIC shares rally over 7%; reach 52-week high level

New Delhi: 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.

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.

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".