The notable move comes at a time when the world is fighting the highly infectious virus, with the 2 top economies, US & China, being the worst affected.
New Delhi| In a significant development, the China Central Bank has acquired 1.75 crore shares in the lending major Housing Development Finance Corporation (HDFC).
The move is notable as it comes at a time when the world is fighting the highly infectious novel coronavirus, with the 2 top economies, the United States and the Republic of China, being the worst struck.
Hours after a consignment of HCQ from India arrived in the United States, the shareholding pattern of HDFC revealed to the BSE that the central bank of China has acquired nearly 1.75 crore shares in HDFC during the quarter ended March.
The development has come when Housing Development Finance Corporation (HDFC)’s shares plunged 25% last month owing to the brutal selloff in global markets on concerns about the spreading COVID-19 pandemic. The stock is among the worst performers this year on India’s 30-stock S&P BSE Sensex index.
Also Read: Mumbai Becomes First City in India to Have Over 1000 Coronavirus Cases
Lately, HDFC has seen vital interest from institutional investors. For instance, the Life Insurance Corporation of India (LIC) raised its holding in HDFC Ltd to 4.67 per cent from 4.21 per cent in December quarter.
The People’s Bank of China has been an existing shareholder and had owned 0.8 per cent in the company as of March 2019, a report by Moneycontrol quoted HDFC’s Vice Chairman and CEO Keki Mistry as saying.
The disclosure has been made now since the stake has hit the 1 per cent regulatory threshold, Mistry said.
Mistry added that China Central Bank has been accumulating the shares over a year and are now holding 1.1 per cent.
As an independent media platform, we do not take advertisements from governments and corporate houses. It is you, our readers, who have supported us on our journey to do honest and unbiased journalism. Please contribute, so that we can continue to do the same in future.
