LIC to issue 1 bonus share for every share held

Life Insurance Corporation of India, the country’s biggest institutional investor and the second-largest state company by market value, would issue bonus shares in a 1:1 ratio in the first such shareholder reward since its public market debut four years ago. The issue, announced on Monday, would double LIC’s paid-up equity base. The bonus reward comes amid a protracted underperformance of the LIC stock, which has failed to sustainably hurdle both the offer and listing prices over four years. The...