The Life Insurance Corporation of India (LIC) announced that its Board of Directors, during the meeting held on 13 January, approved an equity infusion of Rs. 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 Rs. 10 per share.

The aim of the equity fusion is to strengthen the capital base of LIC’s Sri Lankan subsidiary and support its ongoing and future business operations in the region.

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.

The board meeting commenced at 3.20 p.m. IST and concluded at 7.45 p.m. 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.

(Business Upturn)