LIC board approves INR 58.50 crore equity infusion into Sri Lankan subsidiary

The Life Insurance Corporation of India (LIC) announced that its Board of Directors, during the meeting held on January 13, 2025, approved an equity infusion of LKR 2,000 million (approximately INR 58.50 crore) into its Sri Lankan subsidiary, Life Insurance Corporation (Lanka) Ltd. The infusion will be executed at a nominal value of LKR 10 per share.

Key Highlights:

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  • Purpose of the Infusion: The equity infusion aims to strengthen the capital base of LIC’s Sri Lankan subsidiary and support its ongoing and future business operations in the region.
  • Approvals Required: The proposed capital infusion is subject to approvals from the Insurance Regulatory and Development Authority of India (IRDAI) and the Central Bank of Sri Lanka.
  • Board Meeting Details: The board meeting commenced at 3:20 PM IST and concluded at 7:45 PM IST.

This investment reinforces LIC’s commitment to its operations in Sri Lanka, enhancing the subsidiary’s ability to deliver value in the local market.