A year after the listing of Life Insurance Corporation of India (LIC), the insurance giant will hold an international roadshow in Hong Kong later this month.
Sources said LIC’s non-deal roadshow is scheduled between June 25 and June 29, the meeting will also be held in the United Kingdom (UK). The objective of these roadshows is to create awareness among global investors post listing of LIC. LIC has been listed on the stock exchanges for a little over a year now.
The non-deal roadshow will offer investors a comprehensive look at the company’s story. It also aims to promote effective communication between the executive team and investors.
According to sources, the top management of LIC will interact with global investors through a series of meetings lasting five days and highlight the strengths of the company. Sources said the management would urge investors to invest in LIC shares as the company has huge potential.
Last year, the government raised Rs 20,557 crore by diluting its 3.5 per cent stake in LIC through an initial public offering (IPO), the country’s biggest ever offering.
Shares of LIC were listed at Rs 867.20 on BSE on May 17, 2022, at a discount of 8.62 per cent to the issue price of Rs 949 per share.
LIC shares closed at Rs 601.95, down 0.32 per cent, on the BSE. The stock is now down almost 40 per cent from its IPO issue price of Rs 949 per share, taking the total erosion of market capitalization to around Rs 2.5 lakh crore.
LIC’s consolidated net profit rose over five times to Rs 13,191 crore in the fourth quarter ended March 2023, as against Rs 2,409 crore in the same quarter a year ago.
For the full financial year 2022-23, LIC reported a multi-fold increase in net profit to Rs 35,997 crore from Rs 4,125 crore in the previous financial year.
LIC’s board has recommended a final dividend of Rs 3 per equity share with a face value of Rs 10 for the year ending March 31, 2023.
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