State-owned Life Insurance Corporation of India (LIC) yesterday announced that its board had approved the injection of INR250m ($3m) into its subsidiary, LIC Mutual Fund Asset Management (LIC MF).
The announcement was made via a statement filed with the stock exchanges.
As of 11 December, LIC had a 45% stake in the company, followed by LIC Housing Finance with 39.3%, GIC Housing Finance with 11.70% and Union Bank of India with 4%.
LIC MF ranks 23rd among fund houses in terms of assets under management (AUM). In the September 2023 quarter, the fund house’s average AUM was INR242.57bn.
The fund house is targeting to grow its AUM multi-fold to get into the top-10 rankings, as per media reports.
In July 2023, LIC MF completed the acquisition of IDBI Mutual Fund. IDBI Bank, the parent of IDBI MF, has been majority-owned by LIC for the last few years.
