Life Insurance Corporation of India (LIC) has increased its stake in HDFC Asset Management Company (AMC) Ltd to 7.026 per cent from its earlier 5.005 per cent, the state-run insurer said in a statement on Thursday.
Post the transaction, LIC increased its shareholding to 14,984,224 equity shares or 7.026 per cent stake from 10,674,583 equity shares or 5.005 per cent stake held in HDFC AMC. The deal had been executed as a market purchase, the statement added.
The government is planning to soon file the final papers for LIC IPO with market regulator SEBI, which will provide details about the price band, discount for policyholders and retail buyers, and the actual number of shares to be put on the block, an official told PTI earlier this month.
Also Read: Delay in LIC IPO will hit government's revised disinvestment target for FY22
The government is presently in the wait-and-watch mode because of the market volatility induced by the Russia-Ukraine war and will decide on the timing of the initial public offering (IPO) of LIC.
LIC had, on February 13, filed the draft red herring prospectus (DRHP) for LIC IPO. Earlier this week, SEBI gave approval to the draft papers, paving the way for the share sale.
The government was expecting to garner over Rs 60,000 crore by selling about 31.6 crore or 5 per cent shares in the life insurance firm to meet the curtailed disinvestment target of Rs 78,000 crore in the current fiscal.