LIC raises stake in HDFC AMC

Life Insurance Corporation of India (LIC) disclosed that it increased its stake in HDFC Asset Management Company (HDFC AMC) to 9.053% from 7.024% earlier.

LIC bought 43,27,520‬ shares, or 2.029% equity, at an average cost of Rs 1,954.24 via open market purchase during the period from 30 March 2022 to 14 December 2022.

HDFC Asset Management Company is the investment manager of HDFC Mutual Fund, one of the largest mutual funds in the country. The AMC has a diversified asset class mix across equity and fixed income/others. It also has a countrywide network of branches along with a diversified distribution network comprising banks, independent financial advisors, and national distributors.

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 down 1.50% at Rs 698 while HDFC AMC shed 1.69% to Rs 2,222.70 on the BSE.

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