Will invest Rs 2.15 lakh-cr in equities in FY14: LIC Chmn

India's largest domestic institutional investor, Life Insurance Corporation of India ( LIC ) invested Rs 23,000 crore in equities for the financial year 2013, informs Chairman DK Mehrotra. "We have not rushed into it in Q4 to buy more stocks but it has been smooth and uniform participation for us in 2012-13," he told CNBC-TV18 in an interview.

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LIC has booked a profit of Rs 20,000 crore by selling equities this year so far, against Rs 9,000 crore last fiscal. Mehrotra says, it was a "completely commercial decision" and the FY13 profit is the highest for the state-owned insurer in the last seven-eight years.

LIC has invested Rs 30,000 crore this financial year so far, most of it in public offers of state-run companies as it had to bail out the government's share shale programme that was threatened by lukewarm investor response in the first half of the year.

Going forward, Mehrotra says, the insurance firm plans on investing Rs 2.15 lakh crore in equities in FY14. "We have not earmarked investment amount of the first quarter of FY14," he says.

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