LIC Housing Finance to raise Rs 2,334 cr

Stock price of LIC Housing Finance rose on Friday on the back of the announcement of equity capital coming in.

Mumbai: LIC Housing Finance plans to raise about Rs 2,334.69 crore through preferential issue of equity shares to Life Insurance Corporation of India (LIC).

In a regulatory filing, the housing finance company said that it will issue 4.54 crore equity shares to LIC at Rs 514.25 per share.

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Post the allotment, LIC’s stake in the company increased to 45.24 per cent as 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.

Stock price of LIC Housing Finance rose on Friday on the back of the announcement of equity capital coming in.

Around 12.40 p.m., shares of the company on the BSE were trading at Rs 468.65, higher by Rs10.90 or 2.38 per cent from its previous close.