Business Other News 13 Apr 2020 People's Bank of Chi ...

People's Bank of China increases stake in HDFC

ANI
Published Apr 13, 2020, 10:28 am IST
Updated Apr 13, 2020, 10:28 am IST
The disclosure has been made now since the stake has hit the 1 per cent regulatory threshold
People's Bank of China (PBOC) has bought 1.01 per cent stake in the Housing Development Finance Corporation. (ANI Photo)
 People's Bank of China (PBOC) has bought 1.01 per cent stake in the Housing Development Finance Corporation. (ANI Photo)

Mumbai: The People's Bank of China (PBOC) has bought 1.01 per cent stake in the Housing Development Finance Corporation (HDFC).

PBOC held 1.75 crore shares of HDFC during the quarter that ended in March, according to the data submitted by the company to the BSE.

 

HDFC Vice Chairman and CEO Keki Mistry said the PBOC has been an existing shareholder and had owned 0.8 per cent in the company as of March 2019.

"The disclosure has been made now since the stake has hit the 1 per cent regulatory threshold. They have been accumulating the shares over a year and are now holding 1.01 per cent," added Mistry.

Due to the coronavirus crisis, HDFC shares fell nearly 39.87 per cent this year from a high of Rs 2,493 to a low of Rs 1,499 last week.

The stock rallied 13.54 per cent last week to close at Rs 1,702 on Thursday. Foreign portfolio investors hold a 70.88 per cent stake in the company.

 

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