LIC Housing seeks EGM approval for preferential issue

LIC Housing Finance Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on February 14, 2008, inter alia, to offer / issue and allot not more than 84,00,000 Equity shares of Rs 10/- each, at a premium of Rs 400/- per share, aggregating to Rs 344.40 crores as determined in accordance with the relevant SEBI Guidelines, to persons, on a preferential basis, as the Board may in its absolute discretion decide in one or more tranches and on such terms and conditions as the Board considers fit.

The equity shares to be offered and allotted shall be subject to the provisions of the Memorandum and Articles of Association of the Company.

The 'relevant date' within the meaning of the Explanation to Clause 13.1.1.1 of the SEBI (Disclosure & Investor Protection) Guidelines, 2000 for the purpose of determination of applicable price for the issue of above equity shares is January 15, 2008.

The equity shares to be allotted shall rank pari passu with the existing equity shares of the Company in all respects.

Source : Equity Bulls

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