LIC Housing Finance has moved higher by 3% to its 52-week high level of Rs 249 on reports that a unit of Life Insurance Corp of India has launched a Rs 500 crore venture capital (VC) fund – LICHFL Urban Development Fund – to make investments in housing and infrastructure projects
 
LIC Housing Finance the main sponsor and LIC the co-sponsor have both invested Rs 50 crore each, while another Rs 100 crore has been raised in aggregate from high net worth individuals, direct retail investors and institutional investors. It targets to raise the remaining Rs 300 crore in the next nine months, the report suggests.
 
The unit will invest in companies developing affordable housing, industrial and information technology (IT) parks, special economic zones and other allied segments through equity and equity-related instruments, the report adds.
 
A combined 3.11 million shares have already changed hands on the counter so far, as against an average around two million shares that were traded daily in past two weeks on the NSE and BSE.