Mumbai: The Life Insurance Corporation of India (LIC) has announced a capital infusion of Rs 25 crore into its subsidiary, LIC Mutual Fund Asset Management Limited. This decision was revealed in a stock exchange filing by LIC.
Currently, LIC holds a 45% stake in LIC Mutual Fund Asset Management, with LIC Housing Finance, GIC Housing Finance, and Union Bank of India holding 39.3%, 11.7%, and 4% respectively. The capital infusion of Rs 25 crore will be carried out on a preferential basis.
As of the September 2023 quarter, the fund house’s average assets under management, excluding fund of funds, amounted to Rs 24,257 crore.
In July, LIC Mutual Fund successfully completed the merger of IDBI Mutual Fund, merging 10 schemes with similar schemes of LIC Mutual Fund.
