Hold 34% stake in LIC MF post stake sale: LIC Housing Fin
June 17th, 2009
LIC Housing Finance has sold 19.3% in LIC MF to Nomura for Rs 138 crore. Speaking on the issue, Ramachandran Nair, Director and CEO, LIC Housing Finance said the company still had a 33.9% stake in LIC Mutual Fund. “Initially, Nomura will have some investment directly into the company, thereby, diluting the stake. It could be around 10% of the existing paid-up capital,” he said. “After the dilution, we will be left with around 36% of our total stake and we will be holding 20% post dilution and the remaining will be sold off to Nomura. So they will have a total stake of 35% in LIC Mutual Fund.”