LIC Housing Finance plans to raise up to Rs 57K cr in a year

LIC Housing Finance plans to raise Rs 57,000 crore by issuing debt securities in one or more tranches in the next one year.
The proposal was approved at the company's annual general meeting (AGM) held today, LIC Housing Finance informed the bourses.
The company said the proposal to issue redeemable non- convertible debentures and/or other hybrid instruments on a private placement basis up an amount not exceeding Rs 57,000 crore was approved at the AGM.
It said the capital is to be raised in one or more tranches, during a period of one year commencing from the date of today's meeting.

Shareholders also approved appointment of Vinay Sah as Managing Director & CEO of the company for a period of three years with effect from April 12, 2017, according to the filing.
Besides, appointment of Jagdish Capoor as independent director for a period of five years and of Savita Singh as non-executive director for a period of five years with effect from May 24 was approved at the AGM.
LIC Housing Finance shares today closed 0.47 per cent down at Rs 658.30 on BSE.