Leading mortgage financer, LIC Housing Finance plans to sell 19.3% of its stake in LIC Mutual Fund Asset Management Company (LIC MF AMC) to Japan's Nomura for about Rs 138 crore (US$29mn).

The deal is considered as a part of company's strategy to sell its 35% stake in LIC MF AMC to Nomura by stakeholders.

Presently, LIC Housing holds 39.3% stake in LIC Mutual Fund AMC. Post offloading, the company will hold 20% stake in it, while the balance stake will remain with Nomura.

LIC Housing and LIC MF AMC are both units of Life Insurance Corp of India (LIC), the country's largest life insurer. However, the above sale is subject to regulatory approval and other necessary consent from the parties involved in transaction.

The shares of the company closed on Monday at Rs 555 on BSE, down 2.50% compared to previous close Rs 570.