LIC Dividend 2024: Insurance giant to pay Rs 6/share dividend on this date; check details here

State-run insurer Life Insurance Corporation of India (LIC) is all set to pay its dividend for the financial year ending March 31, 2024.

The country's largest life insurer and a major institutional investor is set to pay a dividend of 60 per cent per share to its investors. 

Notably, this is the largest dividend distribution since LIC's listing on Dalal Street in May 2022. The company's shares have jumped almost 60 per cent since its debut on Indian markets.

According to a regulatory filing in May, the LIC board suggested a 60 per cent dividend distribution on each investment with a face value of Rs 10. This amounts to a dividend of Rs 6 per share. The suggestion is subject to ratification at the forthcoming Annual General Meeting (AGM), which is set for August 22, 2024.

LIC Dividend 2024: Record date

The company has fixed July 19, 2024, as the record date to ascertain the eligibility of shareholders for this corporate action. 

"The Board has fixed July 19, 2024, as the “Record Date” for the purpose of ascertaining the eligibility of members of the Corporation for the proposed final dividend," the filing reads.

LIC Dividend 2024: Payment date

The dividend payment is subject to shareholder approval at the AGM. If authorised, the dividend will be given within 30 days of the proclamation date, August 22, 2024.

LIC dividend history

Previously, the state-run insurance announced a payout of Rs 4 on February 21, 2024. In 2023, it paid a dividend of Rs, while in 2022 it paid a dividend of Rs 1.5.