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HDFC AMC Share: Life Insurance Corporation of India has increased its stake in HDFC AMC. LIC has bought shares of HDFC AMC through open market transaction. On behalf of both the companies, on December 15, information about this transaction has been given to the exchanges through regulatory.
LIC has bought additional 43.27 lakh equity shares or 2.03 per cent stake in HDFC Asset Management Company. The company told that this stake was bought by LIC during 30 March 2022 and 14 December 2022. Earlier, Life Insurance Corporation of India’s stake in HDFC AMC was 7.024 percent.
How many shares does LIC have?
Now after this deal, LIC’s stake in HDFC AMC has increased to 9.053 percent, which was earlier 7.024 percent. LIC has got 1.93 crore shares of HDFC AMC. If the shares are priced on the market that closed on October 15, then LIC has shares of HDFC AMC worth Rs 4,359.4 crore.
What information was given by the insurance company
LIC said in a BSE filing that the corporation’s shareholding in HDFC Asset Management Company has increased from 1.49 crore shares to 1.93 crore shares, which has increased from 7.024 per cent to 9.053 per cent of the paid-up capital of the said company. The insurance company further said that the average purchase cost of 2.029 per cent stake is Rs 1,954.24.
News Reels
LIC and HDFC shares fall
On Thursday, HDFC AMC shares closed at Rs 2,257.40, down six per cent. On the other hand, the company’s shares are trading at Rs 2,223.35, falling 1.51 percent at around 1 pm on Friday. The current market cap of the company is close to Rs 48,154 crore. Talking about the shares of LIC, its shares were trading at Rs 697.30 with a decline of 1.62 per cent at around 1 pm on Friday.
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