LIC To Soon Pay Dividend, Fixes Record Date

The stock of Life Insurance Corporation of India Ltd. (LIC) registered a gain of 1.50% in today's trade till 3:58 pm. LIC shares witnessed sharp decline since it got listed on the stock exchange on May 17, 20222. The IPO price of the stock was Rs 949 apiece. It has fallen 26% from its IPO price. The leading Indian state-owned insurance group and investment company has fixed the record date today for equity dividend of Rs 1.50 per share. Check Key details below:

LIC To Pay 15% Final Dividend

LIC had declared an equity dividend of 15% amounting to Rs 1.5 per share for the year ending March 2022. If the current share price of Rs 702 is considered, its dividend yield is 0.21%. In its BSE filing the board of directors stated, "The Board of Directors of the Corporation has recommended dividend of Rs 1.50 per equity share with face value of Rs. IO each for the year ended March 31, 2022, which is subject to approval of Shareholders in AGM."

LIC has now informed for dividend payment in an exchange filing, "Record date for Dividend payment will be 26th August, 2022."

LIC Stock Outlook

The current market price of LIC is Rs 702 apiece. The stock has touched a 52-week high of Rs 9949 and 52-week low of Rs 650. The market capitalization is Rs 444,425 crore. Leading brokerage firm Motilal Oswal has given a buy rating to the LIC stock with a 20% gain in its latest report.

Appointment of Suchindra Mishra As Government Director

LIC also informed that the central government has nominated new Government Director on it board with immediate effect.

In its BSE filing LIC stated, "we wish to inform you that pursuant to powers conferred by section 4(2)( d) of the Life Insurance Corporation of India Act, 1956(31 of 1956), the Central Government has nominated Shri Suchindra Mishra, Additional Secretary, Department of Financial Services as Govt. Director on the Board of Life Insurance Corporation of India, with immediate effect and until further orders, in place of Shri Pankaj Jain."

About LIC

Life Insurance Corporation of India is an Indian statutory insurance and investment corporation headquartered in Mumbai, India. It is under the ownership of Government of India. LIC is Indian state-owned insurance group and investment company. It came into existence in 1956 on 1st September.