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
Dussehra, also known as Vijayadashami, is a major Hindu festival that symbolises the victory of…
Both Dussehra and Navaratri are celebrated along with some very unique forms of culture of…
While Mysuru Dasara includes aspects of worship and regal pageantry, it also embodies the tradition…
Mysuru Dasara, also referred to as Nada Habba in Karnataka, is an annual event that…
Dussehra, which can be alternatively called Vijayadashami or Dasara, is observed all over India in…
Ravana is undoubtedly one of the most complicated characters in the Indian epic genre. While…