LIC Dividend: LIC to consider dividend on day of maiden post-listing results next week


NEW DELHI: () on Tuesday said its board will consider dividend, when it discloses its maiden quarterly results on May 30, Monday.

In a filing to BSE, LIC said it will consider and approve the audited financial results, standalone and consolidated, for the quarter and year ended on March 31, 2022, and payment of dividend, if any, on May 30.

“Accordingly, the trading window for dealing in shares of the corporation is closed from May 17, 2022, till 48 hours after the board meeting for consideration and approval of financial results for the quarter/year ended on March 31st, 2022,” it said..

On Tuesday, the stock was trading 1.59 per cent higher at Rs 829.85 on BSE. At this price, the debutant stock was trading 12.55 per cent discount to its issue price of Rs 949.

The market cap of the company stood at Rs 5,24,626.93 crore, with a free float m-cap just at Rs 15,730 crore.

The Rs 20,557 crore IPO, which ran from May 4 to May 9, received 2.95 times subscription. The scrip debuted on May 17 at about 9 per cent discount to the issue price.

On its day of listing, Macquarie initiated coverage on the stock with a ‘neutral’ rating.

The foreign brokerage has suggested a target for LIC at Rs 1,000, which hinted at a modest 5.37 per cent upside over the issue price of Rs 949.

“Volatility in embedded value (EV) worries us as a large part is constituted by equity MTM gains,” Macquarie said. The brokerage noted that scaling up non-par book is a challenge, adding that its assumptions were already aggressive.

That said, Macquarie said LIC’s brand and distribution franchise is unparalleled. Following its recent reorganisation, the company is set to increase its share of non-participating pure protection products


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