LIC Housing Finance to Acquire 19% Stake in Joint Venture

New Delhi: LIC Housing Finance Ltd (LIC HFL) will acquire 19.3 per cent shares of LIC Nomura Mutual Fund Asset Management Company for Rs 27 crore.

Besides, it will also buy stake of a similar percentage in LIC Nomura Fund Trustee Company Pvt for about Rs 1.5 lakh.

Both the decisions were taken at a meeting of the company's board of directors held on Tuesday.

"The Board of Directors approves the proposal to acquire up to 19.3 per cent in the paid-up equity share capital of LIC Nomura Mutual Fund Asset Management Company Ltd for a consideration not exceeding Rs 2,736 lakh... And up to 19.3 per cent in the paid-up equity share capital of LIC Nomura Mutual Fund Trustee Company for a consideration not exceeding Rs 1.52 lakh," it said in regulatory filing.

Shares in LIC HFL, on Tuesday, ended 0.45 per cent lower at Rs 470.85 apiece on the BSE, whose benchmark Sensex index finished up 0.68 per cent.