GIC Housing to sell stake in LIC MF,LICMF Trustee for Rs 89 cr | business | Hindustan Times
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GIC Housing to sell stake in LIC MF,LICMF Trustee for Rs 89 cr

business Updated: Jun 15, 2009 11:57 IST

PTI
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GIC Housing Finance on Monday said it will sell its entire holding in LIC Mutual Fund Asset Management Company as well as LIC MF Trustee Co for a consideration of around Rs 89 crore.

The board of directors at its meeting on June 13 have decided on a strategic sale of its entire holding of 11.2 per cent in LIC Mutual Fund Asset Management and also its entire holding of 3 per cent in LICMF Trustee Co for Rs 89 crore, the company said in a filing to the Bombay Stock Exchange.

The 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.

Shares of GIC Housing were trading at Rs 86.20, up 5.64 per cent on the BSE in morning trade.