LIC raised its ownership in Hudco to 8.9% equity, equivalent to 17.8 crore shares, up from its previous ownership of 5.2% equity, or 10.4 crore shares.
Life Insurance Corporation of India Ltd. acquired a majority share of 52.6% in the Housing and Urban Development Corporation Ltd.'s offer for sale.
Following the transaction, the insurance provider's ownership in Hudco has increased to 8.9% equity, amounting to 17.8 crore shares, up from its previous stake of 5.2% equity, which equated to 10.4 crore shares, as confirmed in an exchange filing.
Hudco had offered 14 crore shares, representing 7% equity in the company, with an additional green shoe option of 7 crore shares.
The bidding process occurred at the base price of Rs 79 per share and was oversubscribed 2.1 times on the first day, with priority given to non-retail investors.
Hudco's shares experienced a decline of 4.46% to reach Rs 73.95 each, in contrast to the steady performance of the Nifty 50 as of 10:06 a.m. The stock saw an intraday drop of 4.65%, marking its most significant single-day decrease since September 12.
The stock had previously surged by 45.1% since the beginning of the current calendar year. It reached an all-time high of Rs 95.9 per share on October 4 before retracting from those gains.
The volume of shares traded on the day was, on average, at 0.23 times its monthly average, while the relative strength index stood at 35.
