LIC forfeits money lying in 4.42 crore lapsed policies
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Life Insurance Corporation Stock News, Analyst Calls And Reviews
LIC is all set to get hold of 5% equity stake in state-owned Punjab & Sind Bank.
The bank said that it would forward shares up to 5% of the paid-up capital on preferential basis to the insurance giant.
The bank stated, "The additional capital will further strengthen Capital to Risk-weighted Assets Ratio (CRAR) of the bank and support its business growth."
Punjab & Sind Bank plans to issue 11.2 million new shares at a price to be settled in terms of SEBI Rules, subject to authorization from the Indian administration and other regulatory compliances.
At the existing share value of Punjab & Sind Bank, LIC will be required to pay around Rs 95 crore to the banking institution.
Presently, the administration possesses 82.07% in Punjab & Sind Bank.
After share transaction in favor of LIC, administration's equity stake in Punjab & Sind Bank would decline.
The banking institution will look for approval of the stockholders for stake divestment finally.
At 09:45 hrs, LIC shares stood at Rs 92.90, up Rs 7.15, or 8.34%.
The share price hit an intraday peak of Rs 94.65 and an intraday low of Rs 88.50.
It was ruling with volumes of 270,148 shares.
LIC’s trailing 12-month (TTM) earning per share stood at Rs 1 share.
The stock will give good results in the medium or long term.
The investors can buy the stock on declines.
LIC forfeits money lying in 4.42 crore lapsed policies
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LIC allowed to purchase more than 10% in listed companies
