LIC shares in spotlight as stock trades ex-dividend today

The company’s board of directors established August 26, 2022, as the record date for determining who is eligible for dividend payments.

The share price of Life Insurance Corporation of India (LIC) today soared in the early morning session. As the insurance stock trades ex-dividend today, LIC shares opened higher and went on to hit an intraday high of 679.90 per share on the NSE, representing a 0.55% increase over the previous day.

LIC of India previously informed Indian exchanges that its board of directors had approved a dividend payment of 1.50 per equity share to its shareholders for the fiscal year 2021-22. The company board also set August 26th, 2022 as the record date for determining who is eligible for dividend payment.

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LIC informed Indian stock market bourses about the dividend payment in an exchange filing following the board meeting on May 30, 2022, citing, The Board of Directors of the Corporation has recommended a dividend of 1.50 per equity share with the face value of Rs. IO each for the year ended March 31, 2022, which is subject to Shareholders’ approval in AGM.

Later, LIC of India stated, “With reference to the foregoing, we hereby inform that the Board of Directors of the Corporation, at its meeting held today, has, inter alia, considered and approved a record date for dividend payment will be August 26th, 2022.”

On Wednesday, LIC shares closed at 675.90 on the NSE. Because the corporation declared a dividend of 1.50 per equity share, the current dividend yield of LIC is around 0.22%.