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LIC Board Approves Investment in New Company and Increases Stake in Asian Paints

January 09, 2024

LIC Board Approves Investment in New Company and Increases Stake in Asian Paints

Mumbai, January 5, 2024: The Board of Directors of Life Insurance Corporation of India (LIC) has given the green light to invest in a new company, supported by the National Housing Bank (NHB), focusing on residential mortgage-backed securities. This decision was shared in a filing to the Bombay Stock Exchange (BSE).

LIC plans to invest in the new venture through an equity contribution, not exceeding 10% of the share capital, spread across one or more phases.

Additionally, on January 1, 2024, LIC increased its ownership in Asian Paints from 4.995% to 5%. As per the official regulatory filing, the company acquired 48,652 shares, resulting in a rise in their shareholding from 4,79,14,156 to 4,79,62,808 equity shares.

These strategic moves showcase LIC’s commitment to exploring new investment opportunities and strengthening its position in existing ventures for long-term growth.

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banking news

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