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LIC Housing Finance on July 17 said stock exchanges are examining its proposal of preferential allotment of shares to the parent company.
Earlier in June, it had informed that LIC will infuse equity capital of about Rs 2,334.70 crore in the subsidiary by picking up additional stake.
LIC Housing Finance had fixed the issue price for the shares at Rs 514.25 apiece to LIC on a preferential basis.
“It has further received a direction from the said exchanges that in the interest of investors in the securities market, the voting in the EGM may be carried on. However, the results of the voting on agenda item no. 1 may not be made public and the same shall be kept in a sealed cover pending the completion of examination. The company is considering all its options regarding the said matter and we would like to categorically state the company has fully complied with the applicable provision for valuation of the equity shares offered to LIC on a preferential basis,” said the housing financier,” it said in a regulatory filing.
The company’s EGM is scheduled to be held on July 19,.
LIC Housing Finance said it had provided the clarification that “there is no violation of the provisions of AOA as the price has been duly determined in accordance with the relevant provisions of the AOA as well as the Companies Act, 2013 and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018”.
“The company had again reiterated that, the price for the preferential allotment has been arrived at in compliance with the provisions of AOA, the Companies Act,” it said further.