LIC infuses additional capital in Lanka subsidiary

Life Insurance Corporation of India ("the Corporation") has infused an additional capital to the tune of LKR 500 million (approximately INR 14 crores) in Life Insurance Corporation (Lanka) Limited ("Company"). After allotment of shares, the shareholding of the Corporation will be increased from 90.91% (before allotment) to 93.75% (post allotment) in the said Company.

The infusion of Additional Capital to comply with the statutory requirement of maintaining minimum total available capital under the regulation of the Insurance Regulatory Commission of Sri Lanka.

LIC Lanka was incorporated in the Democratic Socialist Republic of Sri Lanka as a private limited company under the Companies Act, No. 17 of 1982, then after renewed by the Companies Act, No. 7 of 2007 on October 7, 2002 and September 29, 2008, respectively, with the Registrar of Companies, Sri Lanka. Its registered office is situated at No. 65, Braybrooke Place, Colombo 2, Sri Lanka. The corporate identification number of LIC Lanka is PB (651). LIC Lanka is engaged in the business of life insurance.

Shares of Life Insurance Corporation Of India was last trading in BSE at Rs. 1010.05 as compared to the previous close of Rs. 987.80. The total number of shares traded during the day was 182497 in over 6872 trades.

The stock hit an intraday high of Rs. 1024.80 and intraday low of 990.00. The net turnover during the day was Rs. 184651637.00.

Source : Equity Bulls

Keywords

LIC LifeInsuranceCorporationofIndia INE0J1Y01017 FundInfusion LankaSubsidiary