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LIC's shareholding in Bata India increases from 4.497% to 6.532%

The company raises stake in Tata Power from 5.917% to 7.935%

LIC, Life Insurance Corporation

BS Web Team New Delhi

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Life Insurance Corporation of India's (LIC) has increased its shareholding in Bata India from 4.497 per cent to 6.532 per cent, the company said in a statement on Thursday.

In a regulatory filing, the company said, “LIC’s shareholding in ‘Bata India Limited’ has increased from 5,780,329 to 8,395,740 equity shares increasing its shareholding from 4.497% to 6.532% of the paid-up capital of the said company.”

The shares of LIC on Thursday ended higher over 1 per cent to Rs 603.60 on BSE.

LIC also raised its stake in Tata Power from 5.917 per cent to 7.935 per cent, the company said in a BSE filing.

In a regulatory filing, the company said, “LIC’s shareholding in ‘Tata Power Company Limited’ has increased from 189,070,215 to 253,537,551 equity shares increasing its shareholding from 5.917% to 7.935% of the paid-up capital of the said company.”

Last week, LIC reported a 466 per cent year-on-year (YoY) increase in its standalone net profit for the January-March period of FY23 to Rs 13,428 crore.

“According to the board’s approved policy on distribution of surplus, of the total surplus of participating fund, the corporation has transferred 92.5 per cent (95 per cent in FY 2021-22) for the current financial year i.e. FY2022-23 to the participating policyholders' fund and balance 7.5 per cent (5 per cent in FY 2021-22) to the shareholders fund,” the notes on account said.

For the full financial year 2022-23, the insurance behemoth reported a net profit of Rs 36,397 crore as compared to Rs 4,043 crore during the previous financial year.

“The profit for 2022-23 comprises an amount of Rs  27,240.75 crore (net of tax), which is pertaining to the accretion on the available solvency margin, transferred from non-par fund to shareholders account,” LIC said in a statement.

The net premium income of the corporation declined 8.3 per cent to Rs 1.31 trillion during the reporting period, while the first-year premium income registered a decline of 12.3 per cent to Rs 12,811 crore.

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First Published: May 25 2023 | 7:34 PM IST

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