LIC s holding at all time low on profit booking
By IANS |
Published on
Mon, May 10 2021 12:21 IST |
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Life Insurance Corporation of India building, New Delhi. (File Photo: IANS). Image Source: IANS News
New Delhi, May 10 : LIC s holding across 296 companies where its holding is more than 1 per cent slipped to an all-time low of 3.66 per cent as on March 31, 2021, down from 3.70 per cent as on December 31, 2020 and from all-time high of 5 per cent as on June 30, 2012, as per primeinfobase.com, an initiative of PRIME Database Group.
According to Pranav Haldea, Managing Director, Prime Database Group, this was on account of profit booking by India s largest institutional investor.
The housing finance major has entered into a share purchase agreement for sale of 44,12,000 equity shares, representing 0.62% of the issued and paid-up share capital of HDFC ERGO. The stake sale is being done in accordance with the direction of the Reserve Bank of India requiring HDFC to reduce its shareholding in HDFC ERGO to 50% or below. The total income of HDFC ERGO for the year ended 31 March 2021 was Rs 7,557.50 crore, which was 5.43% of the consolidated income of HDFC. The networth of HDFC ERGO as at 31 March 2021 was Rs 3,253.55 crore which was 1.96% of the consolidated net worth of HDFC. The stake sale agreement was signed on 8 May 2021 and the corporation expects to complete the stake sales by 12 May 2021.