LIC To Pick Up 10% Stake In NHB-Promoted Company

Life Insurance Corporation of India (LIC) on Monday said its board has approved acquiring up to 10 per cent in a company promoted by the National Housing Bank (NHB).

In a regulatory filing, LIC said the board has cleared the proposal to invest in a new company, promoted by the NHB, for residential mortgage-backed securities, through equity contribution up to 10% of the share capital.

The investment is to be made in one or more tranches, it added.

Details about the company were not disclosed.

LIC has a housing finance subsidiary -- LIC Housing Finance Ltd -- that was incorporated in 1989. This company went public in 1994 and since then its stocks are listed on the National Stock Exchange (NSE) and Bombay Stock Exchange Limited (BSE).