No plan of merger with IDBI Bank, says LIC Housing Finance

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LIC Housing Finance Ltd on Monday clarified that it has no plan to merge with IDBI Bank.

Speaking on CNBC-TV18, Siddhartha Mohanty, MD and CEO of LIC Housing Finance said, “There is no such plan and this type of news make rounds after some interval. So there is nothing to worry as there is no such plan at all.”

Earlier, Business Standard reported about LIC’s plan to merge LIC Housing Finance with IDBI Bank.

“These are totally different companies. LIC HFL is a housing finance company and the other is a bank. So there is no such question,” said Mohanty.

“We are a strong housing finance company promoted by a strong insurer and we are doing very well and our shareholders should have total trust in the company,” Mohanty added.

Speaking about the capital raising plan, he further mentioned, “Our board will take a call on appropriate time.”