Promoter Housing Development Finance Corporation (HDFC) has acquired a 0.69 percent equity stake in its subsidiary HDFC Life Insurance Company through open market transactions.
As per the bulk deals data available with the exchanges, HDFC has purchased 1.49 crore equity shares in the life insurance company at an average price of Rs 667.1 per share. The stake buy was worth Rs 992.64 crore.
HDFC Life shares rallied nearly 6 percent to Rs 667 on the NSE, continuing the uptrend for the second straight session.
The Reserve Bank of India in April this year had advised that HDFC or HDFC Bank should increase the shareholding in HDFC Life and HDFC ERGO to more than 50 percent prior to the effective date of the scheme of amalgamation between HDFC and HDFC Bank. As of March 2023, HDFC held 48.65 percent stake in HDFC Life.
Sapphire Foods India was also in focus. Foreign company WWD Ruby has exited Sapphire Foods, which operates KFC, Pizza Hut and Taco Bell restaurants across India, Sri Lanka and the Maldives.
WWD Ruby has sold its entire 30.3 lakh equity shares or 4.77 percent shareholding in the company via open market transactions at an average price of Rs 1,377.1 per share. The stake sale was worth Rs 417.29 crore.
However, Goldman Sachs (Singapore) Pte - ODI, Societe Generale - ODI, and The Nomura Trust and Banking Co Ltd as The Trustee of Nomura India Stock Mother Fund were the buyers for some of those shares. They acquired 12.53 lakh equity shares or a 1.97 percent stake in Sapphire at the same average price.
Sapphire Foods India shares rose 1.4 percent to Rs 1,410.35 on the BSE.
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