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Stock exchanges examine the allocation of LIC Housing Finance preference shares to LIC

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BSE and NSE exchanges are reviewing LIC Housing Finance’s preferential allocation of more than 4.5 crore of shares to its promoter, Life Insurance Corporation of India (LIC), and have asked the company not to make the result public. the shareholder vote on the preferential allocation. during its extraordinary general meeting (EGM).

Last month, LIC Housing Finance announced that it would issue 4.54 crore of shares through a preferential grant to LIC at an issue price of Rs 514.25 per share. This would lead to an equity injection of Rs 2,335 crore and increase LIC’s stake in the company to 45.24 percent, from 40.31 percent.

The company had received an email dated July 12, 2021 from BSE Limited and the National Stock Exchange of India Limited requesting clarification on the company’s compliance with the provisions of the Articles of Association (AOA) regarding the process arrived for the valuation at which the said shares are offered to LIC, ”LIC Housing Finance said in a regulatory filing.

The company said it clarified that there was no violation of the provisions of the AOA, as the price was duly determined in accordance with the relevant provisions of the AOA as well as the companies law. 2013 and SEBI (capital issuance and disclosure requirements). Regulations, 2018.

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In another email dated July 16, the exchanges requested further clarification as to why a registered appraiser’s valuation report was not taken into account when pricing these proposed shares. to be issued on a preferential basis.

“The company reiterated again that the price of the preferential allotment was set in accordance with the provisions of the AOA, Companies Act 2013 and SEBI regulations (capital issuance and disclosure requirements), 2018 in As a publicly traded company, the company is not required to obtain a registered appraiser certificate, as provided for in Rule 13 of the Corporations Rules (Share Capital and Debentures), 2014, ”said LIC Housing Finance.

By another email the same day, the scholarships told LIC Housing Finance that the preferential award was being reviewed by the scholarships, according to the filing.

“He has further received an instruction from said exchanges that” in the interest of investors in the securities market, the vote at the EGM may be carried out. However, the results of the vote on item 1 of the agenda cannot be returned. public and the same should be kept in a sealed envelope pending completion of the review, ”he said.

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Agenda n. 1 concerns the preferential allocation of shares to LIC. LIC Housing Finance had stated that the proceeds from the preferential share allocation would be used primarily to meet the needs of the growing business of the company, including the long-term capital requirements to pursue growth plans, for increase the company’s ability to lend, and for general corporate purposes.

LIC Housing Finance has stated that in accordance with the instructions of the exchanges, the results of the vote on the said agenda item will not be made public and will be kept under seal pending the completion of the review by the competent authorities.

“The company is considering all of its options regarding said matter and we would like to categorically state that the company has fully complied with the applicable provision for the valuation of shares offered to LIC on a preferential basis,” he said in the folder.

Sources

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2/ https://www.businesstoday.in/latest/corporate/story/stock-exchanges-examining-lic-housing-finances-preferential-share-allotment-to-lic-301642-2021-07-17

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