LIC to offload excess stake in firms in 2 years

Insurer needs to dilute stakes worth Rs 9,000 cr in 12 companies to comply with 15% shareholding cap

The Insurance Regulatory and Development Authority of India has given Life Insurance Corporation of India (LIC) two years to pare shareholdings in companies in which it owns more than the permitted 15 per cent.

“We have deliberated on the road map with the ministry of finance and the LIC board along with certain stakeholders, and set the time limit to comply with the norm,” an official said.

Sources said LIC had acceded in principle to the order and had submitted a divestment road map.

LIC holds more than 15 per cent stakes in 12 companies. The insurer will have to sell shares worth