CCI approves Nomura's 35% stake sale in LIC Nomura Mutual Fund

The Competition Commission of India (CCI) has approved Japanese financial services major Nomura’s 35 per cent stake sale in the mutual fund business jointly run with the Life Insurance Corporation of India (LIC).

Under the deal, Nomura Asset Management Strategic Investments PTE will sell its stake in LIC Nomura Mutual Fund AMC and LIC Nomura Mutual Fund Trustee Company. These shares will be acquired by GIC Housing Finance (GIC HFL), Corporation Bank and LIC Housing Finance (LIC HFL). The deal has been approved by the Competition Commission of India (CCI), the latest information on the regulator's website showed.

According to announcements made earlier, LIC HFL will acquire 19.3 per cent stake in both the AMC and Trustee Company while GIC HFL will buy 11.70 per cent in the AMC and 15.70 per cent in the Trustee Company. Corporation Bank will acquire four per cent stake in the AMC.

According to the details provided to the CCI, LIC Nomura Mutual Fund AMC commands a market share of 0.92 per cent.