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LIC Housing Finance to raise Rs 600 cr via QIP in Q2FY10

7/22/2009 11:38:00 AM

Mumbai, July (EPC News): LIC Housing Finance has announced its first quarter results.

The company's Q1 standalone net sales were up at Rs 745.1 crore versus Rs 605.4 crore. The company’s director and chief executive, R Ramachandran Nair, said the company’s Q1 provisioning stood at 57% versus 48% last quarter while its provisions stood at Rs 250 crore versus Rs 244 crore in the previous quarter. The cost of incremental funds had come down, he said, and added that net interest margins would improve soon as a result. The company expected to complete a qualified institutional placement (QIP) issue by the next quarter, he said.