Stock Market Today: Public sector insurer, Life Insurance Corporation of India (LIC), in an exchange filing on Thursday, November 28 clarified on a recent news item regarding a potential 50% stake acquisition in ManipalCigna Health Insurance.
Business daily The Economic Times had reported that Life Insurance Corporation of India is in discussions to acquire nearly 50% stake in ManipalCigna Health Insurance as it seeks entry into the fast-growing medical expenses coverage market.
As per the ET report, the two parties have signed a non-disclosure agreement and are continuing discussions for LIC to acquire about a 50% stake in the venture.
Following this report, the stock exchange had sought clarification from India’s largest insurance company.
Clearing The Air
In its clarification to the exchanges, LIC said, “Life Insurance Corporation of India (“the Corporation”) evaluates and explores various strategic opportunities on an ongoing basis in various sectors, including the health insurance segment, for growth, diversification of its business, and investment opportunities. At this stage, there is no material information/event that requires disclosure under Regulation 30 of the Listing Regulations.”
