LIC Housing to Buy Additional Stake in MF Joint Venture, Shares Rise

The shares of LIC Housing Finance gained as lots as 1.94 per cent to Rs 480 on Wednesday. The loanlender has introduced that it’s going to gather 19.3 in line with cent stake in LIC Nomura Mutual Fund Asset management agency for Rs 27 crore.

The asset control commercial enterprise is co-owned through existence coverage business enterprise, LIC Housing Finance and Nomura Asset management employer, a japanese employer. LIC Housing Finance has 20 in keeping with cent within the asset management commercial enterprise.

The average property below control of LIC Nomura Mutual Fund for the July-September quarter was Rs11,156 crore.

The loan lender will purchase the stake from Nomura Asset control Strategic investment private. Nomurapresently owns a 35 per cent stake inside the asset management company. It entered the joint-mission in 2011. After the deal, Nomura’s stake will move down to fifteen.7 in line with cent.

At 12.fifty nine p.m., shares of LIC Housing Finance had been trading at 479, up 1.88 consistent withcent, outperforming the broader marketplace index Sensex which turned into up 0.eighty one in line withcent.