 "LIC HFL to acquire 19% stake in LIC Nomura Mutual Fund AMC")
Besides, it will also buy a stake of similar percentage in LIC Nomura Fund Trustee Company Pvt for about Rs 1.5 lakh.
Both the decisions were taken at the company's Board of Directors meeting held today.
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"The Board of Directors approves the proposal to acquire up to 19.3 per cent in the paid-up equity share capital of LIC Nomura Mutual Fund Asset Management Company Ltd for a consideration not exceeding Rs 2,736 lakh... And up to 19.3 per cent in the paid-up equity share capital of LIC Nomura Mutual Fund Trustee Company for a consideration not exceeding Rs 1.52 lakh," it said in regulatory filing.
The LIC HFL stock closed at Rs 470.85 on BSE, down 0.45%.