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LIC Housing Finance share rises 4% as LIC to infuse additional Rs 2,334 cr

LIC Housing Finance stock touched an intraday high of Rs 475.45 rising 3.87% against its previous close of Rs 457.75 on BSE

Share of LIC Housing Finance trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages. Share of LIC Housing Finance trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages.

LIC Housing Finance share rose nearly 4% today after a report said Life Insurance Corporation of India (LIC) would infuse equity capital worth about Rs 2,334.70 crore in the subsidiary by buying an additional stake in the company.

LIC Housing Finance stock touched an intraday high of Rs 475.45 rising 3.87% against its previous close of Rs 457.75 on BSE.

The stock has gained after 2 days of consecutive fall. The stock opened with a gain of 2.41% at Rs 468.80.

Share of LIC Housing Finance trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages. The stock has gained 73.49% in one year and risen 28.89% since the beginning of this year. 

LIC Housing Finance (LIC HFL) will issue shares at Rs 514.25 apiece to its promoter  LIC on a preferential basis.

Board of directors in its meeting last week had approved preferential shares up to 4,54,00,000 through a private placement to LIC.

"The issue price of the equity share of the face value of Rs 2 each shall be Rs 514.25 apiece, which is the price calculated as per Sebi regulations, 2018," LIC HFL said in a regulatory filing on Thursday.

LIC's shareholding in the housing financier post the allotment of shares will go up to 45.24 per cent from over 40.31 per cent currently. The company will seek shareholders' nod for the preference issue to LIC in its extraordinary general meeting next month on July 19.