LIC raises capital shares of Rs 14 crore in LIC Lanka
Life Insurance Corporation of India has infused an additional capital to the tune of LKR 500 million (approximately INR 14 crores) in Life Insurance Corporation (Lanka) Limited.
After allotment of shares, the shareholding of the Corporation will be increased from 90.91% (before allotment) to 93.75% (post allotment) in the said Company.
Life Insurance Corporation (Lanka) Limited (“LIC Lanka”) has a Gross Written Premium of LKR 925 Million for 2023. The Life Insurance Corporation of India is entering into the transaction with its subsidiary company on arm’s length basis, by infusing additional capital to the tune of LKR 500 Million (approximately Rs 14 crores), as per the regulatory filing.
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IRDAI vide its letter dated June 14, 2024, approved the Corporation for additional capital infusion in Life Insurance Corporation (Lanka) Limited. Shareholding would be increased from 90.91% to 93.75%, as per the filing made.
LIC Lanka was incorporated in the Democratic Socialist Republic of Sri Lanka as a private limited company under the Companies Act, No. 17 of 1982, then renewed by the Companies Act.
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