Nomura to buy 35 pct in LIC Mutual Fund - report MUMBAI (Reuters) - Japan's Nomura is set to take a 35 percent stake in LIC Mutual Fund, the Business Standard reported on Wednesday, citing sources.
The board of the mutual funds parent, state-owned Life Insurance Corp (LIC), has already approved to induct Nomura as a strategic partner and has formed a four-member committee to decide the valuations and conditions, the newspaper said, "We are in the middle of the process. Therefore we cannot give you a time line," LIC's managing director, Thomas Mathew, was quoted as saying in the paper. LIC Mutual Fund is expected to be valued at about 15 billion rupees ($320 million) or 6 percent of its assets under management, the paper said, citing an unnamed industry expert. Both Nomura and LIC officials could not be immediately reached for comment. (For more news on Reuters Money click http://in.reuters.com/money) http://in.biz.yahoo.com/090603/137/bato8g.html --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
