Home Business LIC Increases Stake In HDFC AMC To Over 9 Per Cent

LIC Increases Stake In HDFC AMC To Over 9 Per Cent

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State-run Life Insurance coverage Company of India (LIC) has elevated its shareholding in main asset administration firm HDFC AMC by shopping for further shares by open market transactions. The 2 corporations of their regulatory filings to the alternate knowledgeable concerning the transactions through regulatory filings on December 15 (Thursday).

The insurance coverage behemoth has bought a further 43.27 lakh fairness shares, or a 2.03 per cent stake, in HDFC Asset Administration Firm. The corporate knowledgeable that this stake was purchased by LIC throughout March 30, 2022 and December 14, 2022.

With this, the life insurance coverage main has elevated its stake in HDFC AMC to 9.053 per cent, from 7.024 per cent earlier.

In keeping with the alternate submitting, by way of shares, now LIC holds 1.93 crore shares in HDFC AMC, which had been price Rs 4,359.4 crore at December 15 closing worth.

“Company’s shareholding in HDFC Asset Administration Firm has elevated from 1.49 crore shares to 1.93 crore shares growing its shareholding from 7.024 per cent to 9.053 per cent of the paid-up capital of the mentioned firm,” LIC mentioned in its BSE submitting.

The state-owned insurer additionally mentioned the typical shopping for price of the two.029 per cent stake is Rs 1,954.24 per share.

On Thursday, HDFC AMC shares settled at Rs 2,257.40 apiece, down six-tenth of a per cent. The present market cap of the corporate stood at Rs 48,154 crore.

On Friday, shares of LIC had been buying and selling at Rs 698 apiece, down 1.50 per cent on the BSE, whereas shares of HDFC AMC had been buying and selling at Rs 2,218.70 per share, down 1.86 per cent on the BSE.

Earlier this month, LIC has elevated its stake in HDFC Ltd to over 5 per cent following the acquisition of shares from the open market. LIC bought 1.2 lakh shares from the open market mountaineering its stake within the firm to five.003 per cent, mortgage lender HDFC Ltd mentioned in a regulatory submitting.

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