NEW DELHI: Life Insurance Corporation of India (LIC) on Monday said its board has approved acquiring up to 10 per cent in a company promoted by the National Housing Bank (NHB).

In a regulatory filing, LIC said the board has cleared the proposal to invest in a new company, promoted by the NHB, for residential mortgage-backed securities, through equity contribution up to 10 per cent of the share capital.

The investment is to be made in one or more tranches, it added. Details about the company were not disclosed.

LIC has a housing finance subsidiary - LIC Housing Finance Ltd - that was incorporated in 1989. This company went public in 1994 and since then its stocks are listed on the National Stock Exchange (NSE) and Bombay Stock Exchange Limited (BSE).