Mumbai, Nov 29: LIC Housing Finance Ltd has posted net profit of Rs 35.98 crore in the second quarter ended on September 30, 2003, a 23 per cent increase over Rs 29.23 crore registered during the same period of the previous year. The company's total income during the quarter rose to Rs 248.32 crore from Rs 233.99 crore of the previous year, said a company statement here today, giving the audited results.

For the six-month-period ended on September 30, the home finance company registered a net profit of Rs 69.93 crore, as against Rs 62.82 crore recorded during the same period of the previous year, it said.

The company's total income during the period under review rose to Rs 480.02 crore from Rs 453.06 crore recorded during the same period a year ago.
Meanwhile, in a notice to bombay stock exchange, it said the company's board, with a view to strengthen the capital base of the company, has recommended issuance of fresh equity of upto one crore share (with face value rs 10 per share).

The issuance would be to financial institutions, foreign institutional investors and private equity funds through preferential placement mode, it said, adding this is subject to regulatory and mandatory approvals.
The board has also constituted a committee and authorised it to initiate steps in this direction, it added.
Bureau Report