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Insurance
05-Dec-22
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LIC raises stake in HDFC to over 5%, acquires shares from open market
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Life Insurance Corporation of India (LIC), the country's largest insurer, increased its stake in HDFC Ltd to over 5 percent following the acquisition of shares from the open market.
LIC bought 1.2 lakh shares from the open market, raising its stake in the company to 5.003 per cent, mortgage lender HDFC Ltd said in a regulatory filing on Monday.
In a separate filing by LIC, the holding increased to 5.003 percent from 4.991 percent, up 0.012 percent at an average cost of Rs 2,673.84 per unit. The insurer made the purchase on December 2, 2022. LIC bought additional shares for a total of Rs 57.2 crore.
Shares of HDFC rose 0.35 percent to close at Rs 2,674.95 on BSE. Prior to the acquisition, LIC held 9.09 crore shares representing 4.991 per cent stake in the company.
Earlier in April, HDFC Limited decided to merge with its banking subsidiary HDFC Bank. Touted as the biggest transaction in India's corporate history, HDFC Bank on April 4 agreed to acquire the largest domestic mortgage lender in a deal valued at around $40 billion, creating a financial services titan.
The proposed entity will have total assets of around Rs 18 lakh crore. The merger is expected to be completed by the second or third quarter of FY24, subject to regulatory approvals.
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