Life Insurance Corporation of India (LIC) disclosed that it increased its stake in Housing Development Finance Corporation (HDFC) to 5.003% from 4.991% earlier.
LIC bought 2,14,000 shares, or 0.012% equity, at an average cost of Rs 2,673.84 via open market purchase on 2 December 2022.
HDFC is a leading provider of housing finance in India. Its distribution network spans 709 outlets which include 212 offices of HDFC's distribution company, HDFC Sales (HSPL). HDFC covers additional locations through its outreach programmes. Distribution channels form an integral part of the distribution network with home loans being distributed through HSPL, HDFC Bank and third party direct selling associates. The corporation also has online digital platforms for loans and deposits.
LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country. Shares of LIC debuted on the bourses on 17 May 2022. The scrip was listed at Rs 867.20, representing an 8.62% discount to the issue price of Rs 949.
Shares of LIC were up 0.02% at Rs 652 while HDFC shed 0.80% to Rs 2,653.60 on the BSE.
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