12 stories mentioning NSE:LICIUpdated 16d ago
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Life Insurance Corporation of India (NSE:LICI, BOM:543526) recorded a rise in consolidated post-tax profit to 135.8 billion Indian rupees in the three months ended June 30 from 109.6 billion rupees a year prior.Net premium income increased to 1.276 trillion rupees from 1.196 trillion rupees in the year-ago period, according to a Thursday Indian bourse filing.
The Indian government has exercised the entire green shoe option for its offer for sale (OFS) of a stake in Life Insurance of India (NSE:LICI, BOM:543526), taking the total stake on sale to 6.5%, after the issue was oversubscribed on Tuesday, according to an Indian bourse filing the same day.The government launched the OFS to divest a 2.5% stake, with an option to sell an additional 4%, on Tuesday. The floor price for the issue has been fixed at 382 Indian rupees per share.The issue was subscribed 3.32 times its base size, Department of Investment and Public Asset Management (DIPAM) Secretary Arunish Chawla said in a social media post.With this, the offer size was expanded to 822.2 million equity shares, of which 82.2 million shares, or 10% of the offer, will be available to retail investors on Wednesday. Additionally, up to 5 million equity shares will also be offered to eligible employees of the insurer. Both of these categories will be offered at 373.10 rupees per equity share.Meanwhile, the cut-off price for non-retail investors remains unchanged at 383.10 rupees per equity share.If the entire 6.5% stake is sold, the government is expected to raise up to 314 billion rupees.The OFS opened for non-retail investors on Tuesday, while retail investors and eligible employees can bid on Wednesday.
The Indian government plans to sell at least a 2.5% stake in Life Insurance of India (NSE:LICI, BOM:543526) through an offer for sale to meet the minimum public shareholding requirement, according to an exchange filing on Monday.The sale opens for non-retail investors on Tuesday, with retail investors and eligible employees able to bid on Wednesday.The government has the option to sell an additional 4% stake, taking the total offer size to 6.5%.The floor price has been set at 382 rupees per share, representing a discount of about 11% to Monday's closing price of 428.5 rupees. Retail investors and eligible employees will receive a further 10-rupee discount.
The Indian government opened an offer for sale of an up to 6.5% stake in Life Insurance Corp. (NSE:LICI, BOM:543526) in a deal that could fetch up to 314.1 billion rupees, according to an exchange filing.The government will divest an at least 2.5% stake in LIC, or 316 million shares, with an option to offload an additional 4%, or 506 million shares at a floor price of 382 rupees apiece.The offer price represents a 10% premium to LIC's closing price of 424.35 rupees on Monday.IIFL Capital Services, BNP Paribas, Goldman Sachs and Motilal Oswal Investment Advisors are serving as brokers of the share sale.The share sale will help the government meet minimum public shareholding requirements, the Department of Investment and Public Asset Management (DIPAM) said in an X post on Monday.The stake sale is part of the government's minimum public shareholding goal, which requires all listed companies to maintain at least 25% public float.As of the end of the June quarter, the government held a 96.5% stake in LIC. Under new listing rules, LIC is required to maintain a public float of 25% within five years from its 2022 listing.In May 2022, India sold a 3.5% stake in LIC in what was the country's largest initial public offering at the time. The IPO raised 210 billion rupees.
Life Insurance Corporation of India (NSE:LICI, BOM:543526) named Executive Director Shri Varadarajan Muthuvenkataraman as its chief risk officer effective Tuesday.Executive Director Shri Shatmanyu Shrivastava has also been appointed as the insurer's chief financial officer the same day, according to a Tuesday filing with the Indian bourse.
India is said to be hastening its plan to sell stakes in some major state-owned companies to boost public finances that have been hit by the rise in oil prices, according to a Bloomberg report on Thursday, citing sources.As per the sources cited in the report, eight public sector companies have been identified by officials of the finance ministry for possible stake sales in the coming months.Of these, the sale of a stake in Life Insurance Corp. of India (NSE:LICI, BOM:543526) could bring in up to 100 billion Indian rupees for the government and 50 billion rupees from selling a stake in Hindustan Zinc (BOM:543526, BOM:500188).The report said officials responsible for charting out divestment plans are holding weekly meetings with investment bankers to understand investor demand, determine pricing, and finalize timelines. Also, more bankers are likely being roped in to prepare more state-run companies for divestment in the future, according to the report.India's finance ministry did not immediately respond to' request for a comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Life Insurance Corporation of India (NSE:LICI, BOM:543526) has redesignated Radha Chatterjee as Chief In-Charge for Corporate Governance, according to a Tuesday filing to the Indian stock exchanges.Prior to the new role, Chatterjee served as the chief of corporate governance for regulatory compliance since 2024.
Life Insurance Corp. of India (NSE:LICI, BOM:543526) allotted 6.33 billion fully paid-up bonus equity shares in a 1:1 ratio to shareholders of record on May 29, according to an Indian bourse filing on Monday.Under the bonus issue, shareholders received one bonus share for every existing equity share held, the filing said.Following the allotment, the insurer's paid-up equity share capital increased to about 126.5 billion rupees, comprising 12.6 billion shares, the filing said.Shares of the company were down nearly 2% in recent trade.
Life Insurance Corporation of India (NSE:LICI, BOM:543526) has an average rating of overweight and mean price target of 1,043.25 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
Life Insurance Corporation of India (NSE:LICI, BOM:543526) has an average rating of overweight and mean price target of 1,043.25 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
Life Insurance of India (NSE:LICI, BOM:543526) has an average rating of buy and mean price target of 1,053.44 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
Life Insurance Corporation of India's (NSE:LICI, BOM:543526) consolidated profit rose to 234.7 billion Indian rupees in the fiscal fourth quarter ended March 31, from 190.4 billion rupees a year ago.Earnings per share came in at 37.10 rupees from 30.10 rupees a year earlier, the insurer said in a filing to the Indian stock exchanges on Thursday.Total income in fiscal Q4 also increased to 2.774 trillion rupees from 2.423 trillion rupees a year ago.The company's board recommended a final dividend of 10 rupees per equity share of 10 rupees each for the financial year 2025-26.
