Japan’s Nomura acquires 35 per cent stake in LIC Mutual Fund

Japan’s Nomura acquires 35 per cent stake in LIC Mutual Fund

Japan's Nomura Holdings Inc bought 35 per cent stake in LIC Mutual Fund Asset Management Co Ltd (LICMF AMC), a unit of the country's largest insurance company, Life Insurance Corporation of India Ltd (LIC) for about Rs308 crore.

As per the agreement between both parties signed in Mumbai on Saturday, The acquisition 35 per cent stake in LIC Mutual Fund will be carried out by the Nomura Asset Management Co Ltd, a subsidiary of Nomura Holdings Inc.

Out of the Rs 308 crore proceeds amount, Rs80 crore will go to LICMF and the rest to the existing LIC Mutual Fund shareholders of the asset manager.

Once the deal has been closed LIC will hold 45 per cent stake in the LICMF AMC, Nomura Asset Management will have 35 per cent and the remaining 20 per cent will be held by LIC Housing Finance.