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Jul 31, 2012, 03.51 PM IST
In an interview with CNBC-TV18, VK Sharma, Director & Chief Executive of LIC Housing Finance said the company is waiting for the right opportunity to launch QIP. He is also not expecting NIMs to decline further from the current levels.
We have now slowly started adding to the developer’s loan portfolio. This will take care of NIMs to a certain extent
Dir & Chief Executive
LIC Housing Finance
LIC Housing Finance disappointed with its first quarter performance, reporting a 11% fall in net profit at Rs 228 crore year-on-year due to higher interest cost. The company's net interest income was also dented its net interest income marginally by Rs 11 crore to Rs 350 crore.
In an interview with CNBC-TV18, VK Sharma, Director & Chief Executive of LIC Housing Finance said the company is waiting for the right opportunity to launch QIP. He is also not expecting NIMs to decline further from the current levels. Further, LIC is looking to convert Rs 12,000 crore of fixed loans into floating loans soon, he added.
Here is the edited transcript of the interview with CNBC-TV18.
Q: With regards to the QIP you are planning of Rs 1200 crore, could you give us more by way of timing and the usage of those funds?
A: We had planned the QIP in the last financial year March and we got our AGM approval for it. Now all the things are in place and we are waiting for the right opportunity. Hopefully, in this quarter or the next quarter, we will be able to do it.
The processes like identification of merchant bankers etc have started. We have created the board level committee; we have created a company level committee also. Hopefully, at the end of this quarter or at the beginning of the next quarter, we will be through with this.
Q: Are you looking for a particular price, else why would you be waiting?
A: We are primarily waiting because of market conditions and secondly, we are not in a hurry as such because LIC has come forward and increased its stake. It was started primarily with view of our capital adequacy ratio. But, now we are comfortable with that and it is just a matter of time, because the process takes time. It has nothing to do with pricing.
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