LIC Housing Finance on Monday sold 18.3 per cent of stake in LIC Mutual Fund to Japanese Financial services company, Nomura, expecting to garner Rs 138-crore.
"As per the agreement between LIC and Nomura, we are selling 18.3 per cent out of the total stake of 38.3 per cent in LIC Mutual Fund to Nomura. The rest 20 per cent will be retained by LIC Housing Finance," LIC Housing Finance MD and Chief Executive R R Nair told PTI in Mumbai.
LIC was in talks with Nomura to sell its stake in its mutual fund arm, LIC Mutual Fund.
"We are expecting to garner Rs 138-crore out of the deal," Nair said.
GIC Housing Finance, another major stakeholder in the company, has also decided to sell its 11.2 per cent stake in LIC MF.