Shares of Life Insurance Corporation of India (LIC) gained as much as 4% to hit an intraday high of Rs 813 on the BSE on Monday, extending gains for a second consecutive session and rising 6% over the period.
Last week, the state-owned company announced a 1:1 bonus issue along with its Q4 results. Under the bonus issue, the insurer will allot one fully paid-up equity share of Rs 10 each for every existing fully paid-up equity share of Rs 10 each held by shareholders. The company has fixed May 29 as the record date to determine shareholder eligibility for the bonus issue.
