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LIC Board Approves Investment in New Company and Increases Stake in Asian Paints
January 09, 2024
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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