Mumbai, April 14: The Board of Directors of Life Insurance Corporation of India (LIC) in their meeting held on Monday, inter alia considered and approved the issuance of bonus equity shares in the proportion of 1:1, to the existing shareholders as on record date, which shall be announced subsequently. The issuance of bonus equity shares shall be subject to the approval of shareholders.
The existing Authorised equity share capital of LIC is Rs. 25,000 crores and the paid up equity share capital is Rs. 6,324.99 crores. Post proposed bonus issuance of 1:1, the paid up equity share capital shall increase to Rs. 12,649.99 crores.
The Board decided that the proposed issuance of bonus shares in the ratio of 1:1 is an appropriate way to reward the members for their continued support and trust in LIC and helps in bringing a balance between paid-up capital and accumulated reserves of LIC and also enhance liquidity and marketability by making the share more affordable and attractive to a broader range of investors. (Sponsored)
