By Malvika Gurung
Investing.com -- The country’s largest insurance company Life Insurance Corporation Of India (NS: LIFI ) has raised its shareholding in one of the largest mutual fund companies in India HDFC Asset Management Company (NS: HDFA ) in a period of over eight months.
The national life insurer has increased its holding in HDFC (NS: HDFC ) AMC by 2.029% by acquiring 43,27,520 equity shares of the company from March 30, 2022, to December 14, 2022, through an open market purchase.
According to the latest filing on stock exchanges, LIC has shot up its shareholding in the large-cap financial company from 7.024% to 9.053%, picking shares at an average cost of Rs 1,954.24 apiece.
In the process, the state-owned life insurer now holds a total of 1,93,11,744 equity shares of HDFC AMC, as on Dec 15, 2022, worth Rs 4,359.4 crore at Thursday’s closing share price.
“Corporation’s shareholding in HDFC Asset Management Company has increased from 1,49,84,224 to 1,93,11,744 equity shares increasing its shareholding from 7.024% to 9.053% of the paid-up capital of the said company,” stated the filing.
Shares of LIC and HDFC AMC traded almost 1% lower at the time of writing on Friday.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.