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LIC Housing Plans Share Sale: Sources

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LIC Housing Finance has hired five banks including Citigroup and HSBC for an institutional share sale to raise between $250 million and $270 million, three sources with direct knowledge of the matter said on Thursday.

The mortgage lender has also hired Nomura, Kotak Mahindra Bank and Avendus Capital for the share sale, which is expected to be launched in the next couple of weeks, said the sources, who declined to be named as the information was not yet public.

LIC Housing Finance, Kotak Mahindra and Nomura were not immediately available for comment, while Citigroup, HSBC and Avendus declined to comment.

Indian companies raised $7.1 billion from share offerings in the first half of this year, down 4 percent from the same period in 2011, according to Thomson Reuters data.

Many companies put off share sale plans earlier this year due to tepid markets.

However, the BSE Sensex has risen 20.2 percent so far this year, improving investor appetite for share sales.

Earlier this week, Cairn Energy raised $922 million by selling a stake in Cairn India.