LIC Approves 1:1 Bonus Issue; NSE Secures Name for Coal Exchange
LIC board okays 1:1 bonus issue; NSE gets nod to reserve coal exchange name
Business Standard
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The Life Insurance Corporation of India (LIC) has approved a 1:1 bonus issue, granting shareholders one additional equity share for each share held, pending shareholder approval. Meanwhile, the National Stock Exchange of India (NSE) has received approval from the Ministry of Corporate Affairs to reserve the name 'National Coal Exchange of India.'
- 01LIC's board approved a 1:1 bonus issue for shareholders.
- 02Shareholders will receive one additional equity share for each existing share held.
- 03The bonus issue is subject to shareholder approval.
- 04NSE has received approval to reserve the name for a new coal exchange.
- 05The NSE's name reservation does not include operational clearance.
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The Life Insurance Corporation of India (LIC), a state-owned insurance giant, has approved a 1:1 bonus issue during a board meeting, allowing shareholders to receive one fully paid-up equity share of ₹10 for each existing share held. This proposal is subject to shareholder approval and aims to enhance shareholder value. Following this announcement, LIC shares rose by 0.71%, closing at ₹804.25 on the Bombay Stock Exchange (BSE). In a separate development, the National Stock Exchange of India (NSE) has received approval from the Ministry of Corporate Affairs to reserve the name 'National Coal Exchange of India.' This approval is limited to name reservation and does not provide operational or regulatory clearance. The NSE's board had previously approved the establishment of a wholly owned subsidiary for this initiative in February.
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The bonus issue by LIC will enhance shareholder value and potentially attract more investors, while the NSE's coal exchange initiative could diversify trading options in India's energy sector.
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