LIC Housing Finance in a regulatory filing said that it plans to raise about Rs 2,334.69 crore through preferential issue of equity shares to Life Insurance Corporation of India (LIC). Accordingly, it will issue 4.54 crore equity shares to LIC at Rs 514.25 per share. Post the allotment, LIC's stake in the company increased to 45.24 percent as against the pre-issue shareholding of 40.31 percent.

The company will seek the shareholders' approval for the proposed preferential allotment of shares during its Extraordinary General Meeting on July 19, said another regulatory filing.  Reacting to the development, Stock price of LIC Housing Finance rose on Friday on the back of the announcement of equity capital coming in.

Around 2.35 p.m., shares of the company on the National Stock Exchange were trading at Rs 469.15, higher by Rs11.50 or 2.51 percent from its previous close. In Comparison, the NSE Nifty clocked at 15,867.60 up by 67 points in trade.

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