Newly listed Life Insurance Corporation of India has fixed the record date for the dividend of Rs1.50 per share with a face value of Rs10 each in a BSE filing on Monday. However, it is subject to shareholders’ approval at its upcoming annual general meeting (AGM). “Record date for Dividend payment will be August 26, 2022," informed LIC in an exchange filing. LIC, which got listed on the bourses in May, will hold its first Annual General Meeting on September 27, 2022, according to stock exchange filing.
The state-owned insure will invest Rs 80.67 crore in the proposed rights issue of its joint venture LIC (Nepal) Ltd. The proposal for the same has been approved during the company’s board meeting on Monday, reported news agency PTI. LIC owns 55 per cent stake in LIC (Nepal).
In a separate filing, the insurer said the central government has nominated Suchindra Mishra, additional secretary, department of financial services, as government director on its board with immediate effect, replacing Pankaj Jain.
In its first earnings release post listing, the country’s largest insurer registered 18 per cent decline in standalone net profit of Rs 2,372 crore for the quarter ended March 31, 2022. The state-run insurance behemoth clocked a consolidated net profit of Rs 2,893 crore in Q4FY21. While the net premium income rose 18 per cent to Rs 1.44 lakh crore for Q4FY22 as against Rs 1.22 lakh crore in the year-ago period.
The company's share price has fallen sharply since its listing on May 17, 2022. LIC shares were allotted to the investors at Rs949 apiece and got listed at the stock exchanges at discount. The stock is almost 34 per cent down from its IPO issue price of Rs949.