LIC Housing Finance to Raise Rs 500 crore

MUMBAI: LIC Housing Finance, the second-largest mortgage lender, plans to raise Rs 500 crore through qualified institutional placement to beef up its capital adequacy ratio in this calendar year, a senior executive said.

The company has appointed merchant bankers, chief executive VK Sharma said. He said the company will sell 4.6 crore shares to raise the funds. LIC HF wants to increase capital adequacy ratio to 10-12 %.