Capital Research stake in HDFC touches 6.09%

Foreigners are not only the largest shareholders in HDFC, but they are increasing their stake also!US-based mutual fund Capital Research and...

Foreigners are not only the largest shareholders in HDFC, but they are increasing their stake also!

US-based mutual fund Capital Research and Management Company (CRMC)— which had 4.71 pc stake in HDFC — has increased its holding in corporation to 6.09 pc.

CRMC acquired another 34,17,818 shares in HDFC taking its total stake to 1,50,25,318 shares. This constitutes 6.09 pc of HDFC’s voting rights, it added. With this, the US based mutual fund holds stake worth Rs 934 crore in HDFC taking today’s closing of Rs 623 into account.

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As on May 7, this year, CRMC had a stake of 1,16,07,500 shares constituting 4.71 pc of the voting rights of HDFC. The acquisition has been made between May and September 8, 2004.

With the foreigners including the foreign institutional investors (FIIs) and foregin direct investment, hold over 76.95 pc stake in HDFC. Of this, FIIs hold 62.39 pc while another 14.6 pc is held by foreign direct investors. There is no bar over FII/FDI holding in home loan companies. Hence, foreign investment can go up by as much as 100 per cent in HDFC.

Interestingly, HDFC share did not witness much action in the first six months of 2004 with the share price even falling. But in the last two weeks HDFC scrip shot up giving an indication that some big deal will be announced by the company.

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