LIC Hikes Shareholding in HDFC AMC to Over 9%: Details

  • Stock Market News
LIC Hikes Shareholding in HDFC AMC to Over 9%: Details

By Malvika Gurung -- 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.

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