Life Insurance Corporation of India has increased its shareholding in leading asset management company HDFC AMC by buying additional shares via open market transactions.
Both the companies intimated to exchanges about the transactions via regulatory filings on December 15.
LIC has bought an additional 43.27 lakh equity shares, or a 2.03 percent stake, in HDFC Asset Management Company. The company informed that this stake was bought by LIC during March 30, 2022 and December 14, 2022.
With this, the life insurance major has increased its stake in HDFC AMC to 9.053 percent, from 7.024 percent earlier.
In terms of shares, now LIC holds 1.93 crore shares in HDFC AMC, which were worth Rs 4,359.4 crore at December 15 closing price.
"Corporation's shareholding in HDFC Asset Management Company has increased from 1.49 crore shares to 1.93 crore shares increasing its shareholding from 7.024 percent to 9.053 percent of the paid-up capital of the said company," LIC said in its BSE filing.
LIC further said the average buying cost of the 2.029 percent 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 percent. The current market cap of the company stood at Rs 48,154 crore.
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