Mumbai, Jul 4 (PTI) State-owned LIC will invest Rs 80.67 crore in the proposed rights issue of its joint venture LIC (Nepal) Ltd.

The proposal was approved during the insurer's board meeting on Monday.

Also Read | PSEB 10th Result 2022 Date and Time: Punjab Board Class 10 Exam Results To Be Declared Tomorrow at pseb.ac.in; Check Details.

LIC, which got listed on the bourses in May, will hold its first Annual General Meeting on September 27, 2022, according to stock exchange filing.

"Approval has been accorded for investing in the proposed rights issue of LIC (Nepal) Ltd worth NPR 127.07 cr (INR 80.67 Crore) approximately subject to the prevalent exchange rate for infusing capital in LIC (Nepal) Ltd," it said.

Also Read | Kerala: 20-Year-Old Dead After Coconut Tree Falls on His Head While Riding Two-Wheeler in Kozhikode.

LIC owns 55 per cent stake in LIC (Nepal).

In another filing, LIC said the central government has nominated Suchindra Mishra, Additional Secretary, Department of Financial Services, as Government Director on its board with immediate effect.

He replaces Pankaj Jain.

Shares of LIC rose 2.33 per cent to close at Rs 692.50 apiece on BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)