GIC Housing to offload stake in LIC-run companies
15 Jun 2009
The state-run GIC Housing Finance Co Ltd has said it will sell its entire holding in LIC Mutual Fund Asset Management Co as well as LIC MF Trustee Co for around Rs89 crore.
In a statement to the Bombay Stock Exchange, the company said its board of directors have decided on a strategic sale of its holding of 11.2 per cent in LIC Mutual Fund Asset Management and also its 3 per cent stake in LICMF Trustee Co.
The board approval is subject to LIC Mutual Fund Asset Management, LICMF Trustee and the purchaser complying with the rules and regulations as applicable, the filing added.
Japanese financial firm Nomura Securities is believed to be interested in buying stake in LIC MF. LIC Housing will sell over 44 per cent stake in LIC MF by offloading 1,730 equity shares. Also, the housing finance company will sell 55.55 per cent holding in LICMF Trustee Co, parting with 2,000 shares.
Further, LICHFL Care Homes, the wholly-owned arm of LIC Housing, will sell its entire stake of 1,200 shares in LICMF Trustee. ''All this stake sale by LIC Housing Finance and its subsidiaries will be for a consideration of around Rs 138 crore,'' the company statement said.
