LIC Housing Finance on Tuesday announced that M. R. Kumar, chairman has tendered his resignation from the board of the company.
The resignation is consequent upon attainment of superannuation from the services of Life Insurance Corporation of India with effect from 13 March 2023.LIC Housing Finance is one of the largest housing finance companies in India. It has one of the widest networks of offices across the country and representative office in Dubai. In addition, the company also distributes its products through branches of its subsidiary LICHFL Financial Services.
LIC Housing Finance is promoted by Life Insurance Corporation of India. As on 31 December 2022, Life Insurance Corporation of India held 45.24% stake in LIC Housing Finance.
The housing finance company reported 37% drop in net profit to Rs 480.30 crore despite a 16% rise in revenue from operations to Rs 5,871 crore in Q3 FY23 over Q3 FY22.
The scrip rose 0.58% to currently trade at Rs 347.55 on the BSE.
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