LIC Housing Finance, a subsidiary of Life Insurance Corporation, is eyeing to raise Rs 500 crore for its urban development fund. The money raised will be used to invest in companies involved in development of affordable housing, industrial and IT parks, special economic zones and other allied segments through equity and equity-related instruments.
LIC Housing Finance is the second largest housing finance player in India. It has one of the widest networks of 205 offices across the country and representative offices at Dubai and Kuwait.
The company’s net profit after tax for the quarter has declined by 57.99% at Rs 98.39 crore as compared to Rs 234.21 crore for the September quarter of the previous fiscal. Its total income has increased by 36.83% at Rs 1515.37 crore for the Q2FY12 from Rs 1107.45 crore for Q2FY11.
