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LIC Housing Finance plans to raise about Rs 2,334.69 crore through the preferential equity shares to the Life Insurance Corporation of India (LIC).
In a regulatory filing, the housing finance company said it would issue 4.54 crore equity shares to LIC at Rs 514.25 per share. Post the allotment, LIC’s stake in the company increased to 45.24 per cent against the pre-issue shareholding of 40.31 per cent.
The company will seek the shareholders’ nod for the proposed preferential allotment of shares during its Extraordinary General Meeting on July 19, said another regulatory filing.
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The stock price of LIC Housing Finance rose on Friday on the back of the announcement of equity capital coming in. The shares of the company on the BSE were trading at Rs 468.65, higher by Rs 10.90 or 2.38 per cent from its previous close.
Stock Covered in the news
