LIC Delivers Dividend Cheque of ₹1,831 Crore to Finance Minister
LIC Chairman Siddhartha Mohanty presented a significant dividend cheque of ₹1,831.09 crore to Union Finance and Corporate Affairs Minister Nirmala Sitharaman. This dividend represents the Centre’s share for the fiscal year 2022-23. It was officially approved by LIC’s shareholders during the Annual General Meeting held on August 22 of the same year.
As of the end of June in the current year, the Indian government held an impressive equity stake of 96.5 percent in LIC, making it the majority shareholder.
The final dividend declared for the fiscal year 2022-23 amounted to ₹3 per share, and it was agreed upon by LIC’s shareholders.
In May of the previous year, LIC, as the country’s largest insurer, made headlines by launching its colossal ₹21,000 crore initial public offering (IPO). This IPO marked the most substantial public issue in the country’s history up to that point.
Despite its initial issue price of ₹949 per share during the IPO, LIC’s shares are currently trading at ₹660.80 on the stock exchanges.
Benefiting from a substantial increase in net investment income, LIC reported a remarkable surge in net profit for the first quarter ending on June 30, 2023, reaching ₹9,544 crore, compared to the previous year’s ₹683 crore.
Find More News on Economy Here
Weekly Current Affairs One-Liners Current Affairs 2026 plays a very important role in competitive examinations…
In today's fast-moving world, we often try to complete work faster and more efficiently. But…
Vantara has announced the launch of Vantara University in the Jamnagar, Gujarat. It will be…
To strengthen the India's artificial intelligence ecosystem the Deakin University and the Government of Telangana…
The Commonwealth Parliamentary Association (CPA) India Region Zone VII Conference was concluded in the Goa.…
Rivers are very important for human life. They give us water for drinking, farming and…