LIC Shareholders Approve 1:1 Bonus Share Issue & Key Appointments via Postal Ballot

Mumbai, May 18, 2026 – The Life Insurance Corporation of India (LICI) today announced that its shareholders have overwhelmingly approved all five resolutions proposed in the Postal Ballot Notice dated April 13, 2026, including the highly anticipated 1:1 bonus share issue.

In a regulatory filing to the BSE (Security Code: 543526) and NSE (Symbol: LICI), the Corporation confirmed that the remote e-voting process concluded on May 17, 2026, with the Scrutinizer’s Report submitted today.

LIC Bonus Share 2026: Special Resolution Passed with 99.99% Majority

The marquee resolution on the agenda was the issuance of bonus shares in the ratio of 1:1 (one new fully paid-up equity share for every one existing share). The resolution was passed as a Special Resolution with a staggering 99.9998% of votes in favor.

• Total Votes Polled: 6,198,861,771

• Votes in Favor: 6,198,867,002

• Votes Against: 14,769

The Corporation will capitalize ₹6,324.99 Crores from its reserves and surplus to issue these shares. Eligible shareholders as of the record date (to be determined by the Board) will receive the bonus shares in dematerialized form. Those holding physical shares will have the bonus shares credited to a suspense escrow demat account pending documentation.

Board Re-Appointments & Government Nominees Approved

Shareholders also ratified key leadership positions with strong majorities:

Re-appointment of Independent Directors

• Shri Mahalingam G (Gurumoorthy Mahalingam) was re-appointed as an Independent Director for a six-month term (ending July 28, 2026). The Special Resolution passed with 99.7881% of votes in favor.

• Dr. V.S. Parthasarathy was re-appointed as an Independent Director for a concurrent six-month term, securing 99.9687% approval.

Appointment of Managing Director & Government Nominee

• Ms. Shalini Pandit has been approved as the Government Nominee Director (following a GOI notification dated December 3, 2025). The Ordinary Resolution passed with 99.7927% of the votes.

• Shri Ramakrishnan Chander received shareholder approval for his appointment as Managing Director (effective December 1, 2025, until his superannuation on September 30, 2027). The resolution was passed with 99.7957% of votes in favor.

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Voting Analysis: Public vs. Promoter Turnout

The Postal Ballot saw a total voting turnout of 98.006% on the outstanding shares.

While the promoter group voted unanimously in favor of all resolutions, the highest dissent among public shareholders was observed for the re-appointment of Shri Mahalingam G as Independent Director, with 14.9% of institutional votes and 1.1% of retail votes cast against the motion.

Official Communication from LIC

Anshul Kr. Singh, Company Secretary & Compliance Officer of LIC, stated in the filing: "The Members of the Corporation have approved the resolutions set out in the notice... accordingly, please find enclosed herewith the Voting Results, Certified True Copy of the Resolutions, and the Consolidated Scrutinizer’s Report."

The results are now available on the Corporation’s website at www.licindia.in.

What Happens Next?

Following the approval of the 1:1 bonus issue, LIC will now:

1. Fix the Record Date for determining eligible shareholders.

2. Complete the allotment of new shares.

3. Seek listing approval for the bonus shares from BSE & NSE.