India's largest state own Insurance cmpany LIC buys Rs 300 crore Infosys shares in Q-4

Highlights:

  • India's largest state own Insurance cmpany LIC buys Rs 300 crore Infosys shares in Q-4.
  • The LIC has shored up its stake in Infosys to 4.81 % in the January-March quarter.
  • This is the fourth consecutive quarter of share purchase by LIC in the software services firm.
  • LIC held 4.69 % stake in Infosys during the October-December quarter and increased that to 4.81 % as of March 31, 2015, as per latest data available with the stock exchanges.hike in LIC's holding in the company would be worth about Rs 317 crore. 
  • At present, LIC is biggest insurance sector in India where govt. has 100% share.

Brief History:

  • Life Insurance Corporation of India (LIC) is an Indian state-owned insurance group and investment company headquartered in Mumbai. 
  • It is the largest insurance company in India with an estimated asset value of US $240 billion.
  • The company was founded in 1956 when the Parliament of India passed the Life Insurance of India Act
  • Its Products are Life insurance, health insurance, investment management, mutual fund etc.
  • Today,the LIC has 8 zonal offices, around 109 divisional offices, 2,048 branches and 992 satellite offices and corporate offices
  • LIC's slogan yogakshemam vahamyaha is in Sanskrit language which translates in English as "Your welfare is our responsibility".
  • Its chairman is S.K Roy.