Life Insurance Corporation of India (LIC) has decreased its shareholding in leading asset management firm HDFC Asset Management Company by buying additional shares via open market transactions.
On Friday, LIC informed in a regulatory filing to the stock exchanges that it has decreased its shareholding in HDFC Asset Management Company (AMC) from 1,93,11,744 to 1,48,44,466 equity shares. With this, the life insurance major has increased its stake in HDFC AMC to 6.953 per cent from 9.046 per cent earlier.
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‘’Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that Corporation’s shareholding in “HDFC Asset Management Company Limited” has decreased from 1,93,11,744 to 1,48,44,466 Equity Shares, decreasing its shareholding from 9.046 per cent to 6.953 per cent of the paid-up capital of the said company,” said LIC in its exchange filing on December 8.
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A year ago, LIC had bought an additional 43.27 lakh equity shares, or a 2.03 per cent stake, in HDFC AMC. The insurer had informed that the stake was bought by LIC during March 30, 2022 and December 14, 2022. With this, the life insurance major had increased its stake in HDFC AMC to 9.053 per cent, from 7.024 per cent earlier.
However, with today’s development, LIC’s holding has decreased by 2.093 per cent during December 14, 2022 to December 7, 2023 at an average cost of ₹2863.45, according to the exchange filing.
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HDFC AMC was incorporated in 1999 and is involved in providing fund management services. The company commands a market capitalisation of ₹63,874.41 crore. Shares of HDFC AMC settled 0.37 per cent lower at ₹2,985.25 apiece on the BSE.
Earlier this week, shares of LIC hit its new 52-week high mark of ₹791.90 per share. According to stock market experts, LIC share price has given breakout at ₹698 per share levels and it has been witnessing sharp upside movement after sustaining above ₹700 levels. On Friday, shares of LIC settled 1.49 per cent lower at ₹773.80 apiece on the BSE
