India's LIC up as markets regulator grants time for 10% public shareholding

Sbi Life Insurance

15/05/2024 06:22

** Shares of Life Insurance Corporation of India  LIFI.NS 
up 3.2% to 960.35 rupees
    ** Co says markets regulator gives it 3 more years to
achieve 10% public shareholding
    ** The revised timeline is now on or before May 16, 2027;
public shareholding is currently 3.5% as per exchange data
    ** Stock was up 1.4% before the announcement
    ** LIFI, HDFC Life Insurance  HDFL.NS  and ICICI Prudential
Life Insurance  ICIR.NS  rated "buy" on avg, SBI Life Insurance
 SBIL.NS  rated "strong buy" - LSEG data
    ** LIFI and ICIR up 15.4% and 10.1% YTD respectively, HDFL
down 13.6% and SBIL flat

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))