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History of LIC Housing Finance Ltd.

1989

- The Comp. was incorporated on 19th June as a public limited company. It was promoted by LIC of India. The Comp. provide housing loans to individuals, builders, development authorities, employers organisation etc.

- The Comp. has started various schemes: Griha Prakash a general scheme, Griha Tara under which it accepts only Bima Sandesh Plan as Life Insurance Corporation, Griha Shobha for NRIs & Griha Lakshmi for people to have a second house.

1994

- 3,00,57,900 No. of equity shares were issued at a premium of Rs 50 per share through public issue on 15th November 1994. The allotment was as follows; 10,82,000 shares to LIC on firm allotment basis & the balance 189,75,900 shares to public [all were taken ups].

1996

- The Comp. has decided to carry out fund based & one-fund based activities, viz., debt securitisation, lease & hire purchase, renting of properties & giving guarantee to co-operate bodies.

2000

- Crisil has assigned a AAA rating to the issue of mortgage backed pass through certificate backed by mortgages orginated by company.

2001

- The Comp. has launched its new scheme, 'Griha Vikas'.

2002

-LIC Housing Finance Ltd has informed BSE that the Comp. has forfeited 1,25,300 equity shares due to non payment of allotment/call monies.

-LIC Housing Finance has approved for take over of Individual Housing loan portfolio of GLFL Housing Finance.

-Around 25 investors subscribed to the issue of confidentially placed debentures for a total amount of Rs.392 cr of LIC Housing Finance Ltd.

-LIC Housing Finance Ltd has decreased its interest rates on housing loans by 25-50 basis points.

-Financial Institutions have increased their stake from 0.01% to 1.96% & Mutual Fund companies have increased their stake from 0.35% to 1.06% in LIC Housing Finance.

-LIC Housing Finance Ltd has decreased the floating rate of interest under individual loan scheme to 9.5% from 11%.

-LIC Housing Financee signed a deed of assignment to take over individual housing loan portfolio of Citibank N A.

-UTI & IFCI has been removed from the list of promoters of LIC Housing Finance.

2003

-LIC Housing Finance has unveiled a new project for elderly people called 'LIC HFL Care Homes' .

-LIC Housing Finance Ltd has sanctioned 84,126 loans worth Rs.3265.78cr & disbursed 76,663 loans worth Rs.2941.24cr under its Individual Loan Scheme.

-LICHFL has mobilised Rs.280cr for 15 years at 7% rate of interest through private placement.

-Lic Housing Finance Ltd has informed that the shares of Comp. have been delisted from The Stock Exchange - Ahmedabad w.e.f December 08, 2003.

2004 -Merill Lynch Capitat acquires LIC housing stake of 0.39%

-Templeton Asset Management buys 37,52,362 equity shares, representing 5.01% of LIC Housing total paid-up capital of Rs 74.9 crore

-LIC Housing Finance Ltd has informed that the shares of Comp. has been voluntarily delisted from the Delhi Stock Exchange [DSEs] w.e.f. January 23, 2004.

-LIC Housing Finance shares delisted from Madras Stock Exchange

-Mr D Krishnan appointed as Chief Executive Officer

- LIC Housing Finance Ltd [LICHFLs] one-crore global depository receipts [GDRs] issue opened on August 27.

- Lists its maiden global offerings worth $29.85 million at the Luxembourg Stock Exchange successfully.

-Introduces new product that starts as a fixed rate loan but contains an option to convert it to a floating rate loan at the end of five years, at the then prevailing rate.

2005

-Delist from The Calcutta Stock Exchange Association Ltd [CSEs] with effect from December 09, 2004.

-LIC Housing Finance launches loan product that eliminates the requirement of charge on house financed.

2008

LIC Housing Finance Ltd has informed that the Board has appointed the following persons as Directors on the Board of Comp. on May 20, 2008:

- Name of Director : Shri. D K Mehrotra For the Position of : Managing Director Change effective from : May 20, 2008.

- LIC Housing Finance Ltd has informed that the Board of Directors of Comp. has appointed following person as Director on the Board of Comp. on July 01, 2008.

- Name of Director : Shri A S Narayanamoorthy

- For the position of : Additional Director

- Change effective from : July 02, 2008