Business Standard ·
ICICI Pru MF, SBI MF corner half of LIC's ₹31,552 crore OFS in August
The two fund houses bought LIC shares worth Rs 17,145 crore in August, while mutual funds together accounted for an estimated 76.5 per cent of the government's OFS.
ICICI Prudential Mutual Fund (MF) and SBI MF together acquired nearly 423.9 million shares worth Rs 17,145 crore in Life Insurance Corporation of India’s (LIC’s) offer for sale (OFS) in August, accounting for more than half of the Rs 31,552-crore issue, an analysis of the latest MF holdings data shows. The Union government raised Rs 31,552 crore through the OFS by selling a 6.5 per cent stake in the insurance giant.
ICICI Prudential MF emerged as the largest buyer, raising its holding in LIC from 62 million shares at the end of July to 334 million shares in August. Its net purchase during the month stood at Rs 11,003 crore. SBI MF increased its holding from 15 million shares to 167 million shares, with net purchases of Rs 6,142 crore, according to data from Prime Database.