Life Insurance Corporation of India on Monday announced the infusion of Rs 25 crore capital into its subsidiary LIC Mutual Fund Asset Management Limited.

“The board of LIC, at their meeting held on Monday, has approved the infusion of share capital of Rs 25 crore in LIC Mutual Fund Asset Management on a preferential basis,” LIC said in a stock exchange filing on Monday.

LIC currently holds 45 per cent in LIC Mutual Fund Asset Management, while LIC Housing Finance, GIC Housing Finance and Union Bank of India hold 39.3 per cent, 11.7 per cent and 4 per cent, respectively, in the company.

According to AMFI data, LIC Mutual Fund, which was established on April 20, 1989, is ranked 23rd among mutual fund companies in terms of assets under management.

In the September 2023 quarter, the fund house’s average asset under management was Rs 24,257 crore, excluding fund of funds.

Earlier in July, LIC Mutual Fund had announced the completion of the merger of IDBI Mutual Fund.

Following this, 10 schemes of IDBI Mutual Fund were merged with similar schemes of LIC Mutual Fund.

In a separate stock exchange filing, LIC said ithas received a GST notice of Rs 183 crore, including pending dues, penalty and interest from the Deputy Commissioner (State Tax) Warrangal, Telangana.

LIC scrips at Rs 770.45 were down 0.43 per cent on Monday at the Bombay Stock Exchange against Friday’s close of Rs 532.70.

On the National Stock Exchange, the stock closed at 769.65, down Rs 2.80, or 0.36 per cent, from Friday’s close of Rs 772.45.