LIC increases its stake in HDFC to more than 5%
By MYBRANDBOOK
Life Insurance Corporation of India (LIC) has purchased 1.2 lakh shares from the open market, increasing its stake to 5.003 percent in HDFC Ltd. Before the acquisition, LIC held over 9.09 crore shares representing 4.991 per cent stake in the company.
LIC said the holding increased from 4.991 percent to 5.003 percent, an increase of 0.012 percent at an average cost of Rs 2,673.84 per unit. LIC purchased additional shares at a total cost of about Rs 57.2 crore.
Earlier in April, HDFC Ltd decided to merge with its banking subsidiary HDFC Bank. HDFC Bank agreed to take over the biggest domestic mortgage lender in a deal valued at about $40 billion. The proposed entity will have a combined asset base of around Rs 18 lakh crore.
Once the deal is effective, HDFC Bank will be 100 percent owned by public shareholders, and existing shareholders of HDFC will own 41 percent of the bank. The merger is expected to be completed by the second or third quarter of FY24.
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