China’s People Bank Holds more than 1% Stake in HDFC

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This article is on about the “China’s People Bank Holds more than 1% Stake in HDFC”.

People’s Bank of China has acquired 1.01% stake in Housing Development Finance Corporation (HDFC).

This data was collected from the BSE as they have submitted their quarter ended March result to them which has the data that Central Bank of China holds 1.75 crore shares in HDFC.

According to the regulations of the exchange, the companies need to disclose the public shareholding of more than 1 % at the end of every quarter.

HDFC CEO Mr Keki Mistry has told to every news channel that the PBOC is an existing shareholder and in March 2019, it holds about 0.8% in the company previously.

The disclosure made by the company currently as they had increased their stake holding and hits the holding for more than 1%.

As the PBOC is the shareholder in the HDFC and due to the coronavirus pandemic the stock prices of the lender company that is HDFC has been fallen around 25% in a month.

The foreign investor portfolio holds 70.88% shareholding in the company that also includes the 3.23% of holding of the Government of Singapore.

Currently, the HDFC share price is trading at Rs 1,701.95 per share on the BSE.

The PBOC has stakes across the world and that includes the stake in BG Group, Royal Dutch Shell Plc, in Italy’s largest company Generali and carmaker Fiat and many more.

Further, the chairman of the HDFC has also discussed that there is nothing wrong about the PBOC holdings as there are also many other firms that hold stakes in the firm.

After that, he added that “It is common for the central banks to buy shares on the behalf of the sovereign wealth funds of their respective countries”.

Monetary authorities have increased their allocation of the equities of around 10% of their reserve knowing about the recent market volatility.

During the quarter, there are also major foreign institutional investors like the Government of Singapore Investment Corporation and Invesco Oppenheimer Developing Markets Fund decreased their stake in HDFC.

Currently, HDFC owns 19.43% stake in HDFC Bank, 52.7% stake in HDFC Asset Management Company and 51.45% in HDFC Life Insurance Company.

Further, HDFC Bank holds 96% stake in HDB Financial Services and 98% in HDFC Securities.

So, this was about the hot news regarding the china’s central bank holdings of more than 1% in HDFC.

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