LIC Housing Finance Ltd was eyeing 15-16 per cent growth rate during the current financial year, a top company official said Friday. After inaugurating the 21st edition of the property fair ‘Ungal Illam’ here, company Managing Director and CEO, Vinay Sah said, “We have targeted to grow at about 15-16 per cent this year. Our H1 (April-September period), growth rate was in the range of 20 per cent.”
Beleaguered IL&FS can raise up to Rs 700 billion by selling its assets, the Life Insurance Corporation of India Chairman V K Sharma said in New Delhi on Friday. LIC was open to raising stake in the company by participating in its rights issue, he added.
State-owned insurer LIC Tuesday said it will not allow debt-ridden IL&FS to collapse and explore options to revive it.T he Life Insurance Corporation (LIC) has the largest shareholding in IL&FS. IL&FS Financial Services, a group company of IL&FS defaulted on one of its commercial paper (CP) issuances due for repayment on Monday. This was the third default by the company.
With one default behind it, the beleagured Infrastructure Leasing & Financial Services ( IL&FS) will be looking for a lifeline from its shareholders at the board meeting on Saturday. The company’s largest shareholder, Life Insurance Corporation (LIC), is understood to be considering a loan to the defaulting Mumbai-based firm.
In an emergency meeting on Friday, the board of Infrastructure Leasing & Financial Services (IL&FS) decided to seek a loan of Rs 30 billion from two shareholders — Life Insurance Corporation of India (LIC) and State Bank of India (SBI).
The board decided to meet on September 15 to ensure that IL&FS and other group companies do not default on any further repayment obligation.
Insurance regulator Irdai will set a timeline for the Life Insurance Corporation of India (LIC) on how it must go about reducing its stakeholding from 51 per cent to 15 per cent eventually in IDBI Bank, said Subhash Khuntia, Chairman of the Insurance Regulatory and Development Authority of India (Irdai). He did not specify when the regulator will announce the timeline.
The government hinted on Tuesday that Life Insurance Corporation might seek an exemption from the Securities and Exchange Board of India (Sebi) from making an open offer to the minority shareholders of state-owned IDBI Bank, in which the insurer is set to buy a 51 per cent stake.
Q1 PAT (Ind AS) rose 18.4% y-o-y to Rs 5.7 bn vs our Rs 5.4 bn est. (GAAP). Loan growth was muted and NIMs fell y-o-y, but this was offset by lower opex as per Ind AS. Asset quality disappointed.
We trim FY19-20e EPS by 1-2%. Spreads should improve q-o-q, but sharp increase appears unlikely. Competition may continue to weigh on AUM growth. Proj. loans have aided growth, but slippage remains high in this segment.
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