The Board of Life Insurance Corporation of India (LIC) will meet next week on Monday, May 30 to consider payment of dividend, and approve the audited annual financial results (standalone and consolidated) for the quarter. The year ended 31 March 2022.
“It is informed that a meeting of the Board of Directors of the Corporation is scheduled to be held on 30th May, 2022 to consider, inter alia, the following agenda items: Audited Annual Financial Results (Standalone and Consolidated) To consider and approve the payment of dividend, if any, for the quarter/year ended March 31, 2022,” LIC had informed in an exchange filing earlier this week.
lic share price are more than 13% below its IPO issue price. The shares of the insurance giant made its debut on the stock market on May 17, 2022.
India’s biggest ever LIC IPO closed with almost 3x subscriptions. The price range for LIC IPO was set between 902 and 949 per share. LIC was established on 1 September 1956 by merging and nationalizing 245 private life insurance companies.
The government sold over 22.13 crore shares or 3.5% stake in LIC through initial share sale. LIC makes up about one third of the issue proceeds The government has set a disinvestment target of Rs 65,000 crore for the current financial year.