LIC gets 3 more years to dilute up to 10% stake

Sebi extends LIC's deadline to achieve 10% public shareholding by May 16, 2027 after Rs 21,000 crore IPO in 2022, diluting govt stake to 95%. Rule 19(2)(b)(iv) mandates 5% initial dilution. Shares of LIC jump over 6% on Wednesday. LIC Housing Finance reports 7.5% profit decline to Rs 1,091 crore in March quarter.