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LIC Housing Finance Ltd, a subsidiary of LIC of India, will raise Rs 500 crore for its urban development fund, a move that will mark the state-owned group's foray into private equity.
The fund, which will be managed by LIC Housing Finance's asset management unit, will invest in companies developing affordable housing, industrial and IT parks, special economic zones and other allied segments through equity and equity-related instruments.
LICHFL announced the first closure of the fund of Rs 200 crore, with LIC of India and LIC Housing Finance each having invested Rs 50 crore and the rest by domestic institutional investors and high net worth individuals.
“Looking at the increasing need for equity for successful financial closure of projects, the LIC Group has ventured into the private equity space with its maiden offering,” said Mr A.K. Sharma, Chief Executive of LICHFL.
deepa.n@thehindu.co.in
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