seg fault when calling libc init

I am trying to run an application on an embedded target by using custom (newer version) dynamic linker/loader and libraries instead of default installed ones. But when i try to run a simple hello world application, I get seg fault

  root@target:~# LD_DEBUG=all /home/root/libs/ld-2.12.1.so --library-path /home/root/libs/ ~/hello

  2044: calling init: /home/root/libs/libc.so.6
  2044:

  Segmentation fault



root@target:~# gdb /home/root/libs/ld-2.12.1.so
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Reading symbols from /home/root/libs/ld-2.12.1.so...done.
(gdb) run --library-path /home/root/libs/ ~/hello
Starting program: /home/root/libs/ld-2.12.1.so --library-path /home/root/libs/ ~/hello

Program received signal SIGSEGV, Segmentation fault.
0x00000000 in ?? ()
(gdb) bt
#0  0x00000000 in ?? ()
#1  0x2a00f0ec in call_init (env=<optimized out>, argv=<optimized out>, argc=<optimized out>, l=<optimized out>) at dl-init.c:85
#2  call_init (l=<optimized out>, argc=1, argv=0xbe988d04, env=0xbe988d0c) at dl-init.c:35
#3  0x2a00f1d4 in _dl_init (main_map=0x2a02d970, argc=1, argv=0xbe988d04, env=0xbe988d0c) at dl-init.c:134
#4  0x2a0007c4 in _dl_start_user () from /home/root/libs/ld-2.12.1.so
Backtrace stopped: previous frame identical to this frame (corrupt stack?)
(gdb)

Any clue what i am doing wrong?