LIC Housing Finance today 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.

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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.

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