Signals, Powered By EquityPandit
LIC Housing Finance Ltd has approached the Securities Appellate Tribunal (SAT) concerning its proposal of allotting over 4.5 crore preferential shares to its parent company LIC. The company was asked to explain how it decided to fix the issue price for the preference shares at Rs 514.25 apiece for allotting 4,54,00,000 equity shares to LIC.
On Saturday, LIC Housing Finance had informed that stock exchanges are BSE and NSE was examining the proposed Rs 2,334.70 crore capital infusion into the company by giving additional stake to LIC through an issue of preference shares.
Stock exchanges had asked the company regarding compliance with the provisions of the Articles of Association (AOA) about the methodology for computation of price of preferential issue of equity shares to LIC. LIC Housing Finance told BSE and NSE that it was in compliance with relevant provisions under AOA for deciding the issue price.
Stock Covered in the news
