LIC pares stake in HDFC Asset Management Company

LIC said its shareholding in the company decreased from 1,93,11,744 to 1,48,44,466 equity shares corresponding to 9.046% and 6.953% respectively from December 14, 2022 to December 7, 2023.  | Photo Credit: ADNAN ABIDI

Life Insurance Corporation of India (LIC) has pared its stake in HDFC Asset Management Company to 6.95% by divesting more than 44.67 lakh shares over almost 12 months up to December 7.

It was an investment function, undertaken in the ordinary course of transaction through open market sale. The average price at which the shares were disposed off was ₹2,863.45 each, said LIC, which is one of the largest institutional investors in the country, in a filing.

On Friday, HDFC Asset Management Company shares closed 0.37% lower at ₹2,985.25 apiece on the BSE.

LIC said its shareholding in the company decreased from 1,93,11,744 to 1,48,44,466 equity shares corresponding to 9.046% and 6.953% respectively from December 14, 2022 to December 7, 2023.