LIC Housing Finance to lift over Rs 2,334 cr from LIC as fairness capital

LIC Housing Finance to lift over Rs 2,334 cr from LIC as fairness capital

LIC will infuse fairness capital value about Rs 2,334.70 crore in its subsidiary LIC Housing Finance by selecting up an extra stake within the firm.

LIC Housing Finance (LIC HFL) will situation shares at Rs 514.25 apiece to its promoter Life Insurance coverage Company of India (LIC) on a preferential foundation.

The board of administrators of the corporate in its assembly final week had authorised preferential shares as much as 4,54,00,000 by a non-public placement to LIC.

“The problem value of the fairness share of the face worth of Rs 2 every shall be Rs 514.25 apiece, which is the value calculated as per Sebi rules, 2018,” LIC HFL stated in a regulatory submitting on Thursday.

LIC’s shareholding within the housing financier publish the allotment of shares will go as much as 45.24 per cent from over 40.31 per cent at the moment.

The corporate will search shareholders’ nod for the choice situation to LIC in its extraordinary basic assembly subsequent month on July 19.

The scrip of the corporate ended 1.51 per cent decrease at Rs 457.75 apiece on BSE.

(Solely the headline and film of this report could have been reworked by the Enterprise Commonplace workers; the remainder of the content material is auto-generated from a syndicated feed.)

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