LIC Housing Finance to raise $250mn-$270mn via share sale: Report

LIC Housing Finance is planning to raise around $250 million - $270 million, through share sale, as per the media report. It has hired five banks including Citigroup and HSBC for an institutional share sale. The mortgage lender has also hired Nomura, Kotak Mahindra Bank and Avendus Capital for the share sale, which is expected to be launched in the next couple of weeks.

The company has registered a fall of 11.21% in its net profit at Rs 227.75 crore for first quarter ended June 30, 2012 as compared to Rs 256.50 crore for the same quarter in the previous year. However, the total income from operation of the company has increased by 25.83% at Rs 1746.45 crore for Q1FY13 as compared Rs 1387.93 crore for the corresponding quarter previous year.

LIC Housing Finance is the second largest housing finance player in India. It has one of the widest networks of over 205 offices across the country and representative offices at Dubai & Kuwait.