LIC picked up 160,000 shares of HDFC Bank from the open market, hiking its stake in the company to 5.01% from 4.97% earlier. The equity holding of the insurer has increased by 0.04% in the HDFC Bank.

Life Insurance Corporation of India (LIC), has reportedly increased its stake in HDFC Bank to over 5% by buying shares from the open market. LIC picked up 160,000 shares of HDFC Bank from the open market, hiking its stake in the company to 5.01% from 4.97% earlier. The equity holding of the insurer has increased by 0.04% in the HDFC Bank.

LIC’s current equity investments stands at over Rs230bn for the financial year, out of which a large chunk of investment is allocated towards banks and financial services firms. As on June 2008, LIC holding in HDFC Bank stood at 2.15%.

LIC has also increased its stake in ICICI Bank from 8.16% at June end to x8.45% in September. Among its significant investments in public sector lenders, LIC holds 6.75% in Punjab National Bank, 5.53% in Bank of Baroda, 4.4% in the State Bank of India, and about 4.16% in Bank of India.

The insurer also holds about 10.36% in Axis Bank as a promoter, and about 26.32% as strategic stake in Corporation Bank.

Yesterday, LIC hiked its stake in Vijaya Bank to 9.53% by acquiring shares worth nearly Rs300mn from the open market.

source: Indiainfoline

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