NEW DELHI: The Life Insurance Corporation of India (LIC) share crossed its issue price mark for the first time on Wednesday after the RBI permitted the company to increase its stake in private lender HDFC Bank.
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LIC shares have rallied more than 50% in the past two months and 75% since March 2023. The issue price for LIC at the upper end was Rs 949 per share. The shares were listed at the bourses at Rs 867 apiece in May 2022 and never managed to touch the issue price. On Tuesday, the shares hit a high of Rs 954.85 and settled at Rs 932.75.
HDFC Bank recently said that the central bank gave permission to LIC to acquire a 9.99% stake in the bank within a period of one year, by January 24, 2025.
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The rally in LIC shares have made the insurance company India’s most valuable company in terms market capitalisation. The rally in LIC shares have made the insurance company India’s most valuable company in terms market capitalisation.
