LIC has also declared the record date for dividend payment. Now dividend will be paid to the investors soon. The insurance company told the stock exchanges that the record date for dividend record payment has been fixed on August 26 and the company’s first annual general meeting will be held on September 27.
On the other hand, LIC shares have seen a jump on Tuesday. Now its shares have crossed Rs 700. Its shares had jumped 1.28% at 3:29 pm, after which it reached the level of Rs 701.25. At the same time, its shares had reached the level of Rs 708 in the morning.
Will invest in Nepalese firm
In addition, state-owned LIC will invest Rs 80.67 crore in the proposed rights issue of its joint venture LIC (Nepal) Limited. The proposal was approved during the board meeting of the insurer on Monday. In another filing, LIC said that the central government has nominated Additional Secretary, Department of Financial Services Suchindra Mishra as government director on its board with immediate effect, replacing Pankaj Jain.
What is the income of the company
In its first earnings release after share listing, LIC reported a 17% decline in consolidated net profit at Rs 2,409 crore for the fourth quarter as against Rs 2,917 crore in the same quarter a year ago. The total income of the insurer has increased to Rs 2,12,230 crore from Rs 1,90,098 crore in the corresponding period of last financial year.
How much did the share price drop?
The share price of LIC has declined sharply since its listing on the stock exchanges on May 17, 2022. The shares of LIC were allotted to the investors at Rs 949. The stock is down almost 34% from its IPO issue price of Rs 949.
Let us tell you that India’s biggest LIC IPO till date was closed with almost 3 times subscription. The government sold over 22.13 crore shares or 3.5% stake in LIC through initial share sale.