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HomeMarketStocksLIC raises stake in HDFC Ltd to over 5%

LIC raises stake in HDFC Ltd to over 5%

(LIC), the nation’s largest insurer, has elevated its stake in Ltd to over 5 per cent following the acquisition of shares from the open market. bought 1.2 lakh shares from the open market mountaineering its stake within the firm to five.003 per cent, mortgage lender HDFC Ltd stated in a regulatory submitting on Monday.

LIC in a separate submitting stated the holding elevated from 4.991 per cent to five.003 per cent, a rise of 0.012 per cent at a median value of Rs 2,673.84 per unit. The insurer made the acquisition on December 2, 2022, it added. LIC bought extra shares at a complete value of about Rs 57.2 crore.

Shares of the HDFC closed at Rs 2,674.95, up by 0.35 per cent on the BSE. Earlier than the acquisition, LIC held over 9.09 crore shares representing 4.991 per cent stake within the firm.

Earlier in April, HDFC Ltd determined to merge with its banking subsidiary HDFC Financial institution. Touted as the largest transaction in India’s company historical past,

on April 4 agreed to take over the largest home mortgage lender in a deal valued at about $40 billion, making a monetary companies .

The proposed entity could have a mixed asset base of round Rs 18 lakh crore. The merger is anticipated to be accomplished by the second or third quarter of FY24, topic to regulatory approvals.

As soon as the deal is efficient, HDFC Financial institution might be 100 per cent owned by public shareholders, and present shareholders of HDFC will personal 41 per cent of the financial institution.

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