Sunday, August 7, 2022

LIC to invest Rs 80.67 crore in rights issue of its Nepal joint venture

Life Insurance Corporation (LIC) will invest Rs 80.67 crore in the proposed rights issue of its joint venture LIC (Nepal) Ltd

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New Delhi: State-owned Life Insurance Corporation (LIC) will invest Rs 80.67 crore in the proposed rights issue of its joint venture LIC (Nepal) Ltd. The proposal was approved during the insurer’s board meeting on Monday.

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.

“Approval has been accorded for investing in the proposed rights issue of LIC (Nepal) Ltd worth NPR 127.07 cr (INR 80.67 Crore) approximately subject to the prevalent exchange rate for infusing capital in LIC (Nepal) Ltd,” it said.

LIC owns 55 per cent stake in LIC (Nepal).

In another filing, LIC said the central government has nominated Suchindra Mishra, Additional Secretary, Department of Financial Services, as Government Director on its board with immediate effect.

He replaces Pankaj Jain.

Shares of LIC rose 2.33 per cent to close at Rs 692.50 apiece on BSE.

(With PTI inputs)

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