LIC unveils innovative framework for shareholders’ director selection :
Economy Business
Insurance behemoth Life Insurance Corporation (LIC) has now put in place a framework for appointment of Shareholders’ Director in its Board. This framework — which has been introduced through a new regulation — comes eighteen months after the country’s largest life insurer came up with a mega Initial Public Offering (IPO) billed as the biggest float in the history of Indian primary market. The issue was essentially an offer for sale of 22.13 crore shares equivalent to 3.5 per cent stake of the government and helped the Centre mop up ₹20,500 crore through this offering. The Centre currently holds 96.5 per cent stake in LIC.
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