HDFC buys additional shares of HDFC Life Insurance; promoters offload stake in Adani Enterprises, Adani Green Energy

Gautam S Adani and Rajesh S Adani, on behalf of SB Adani Family Trust, held 59.13 crore shares or 51.87 percent stake in the company as of March 2023

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Promoter Housing Development Finance Corporation bought additional shares worth Rs 1,118.84 crore in HDFC Life Insurance Company via open market transactions on June 28.

As per the bulk deals data available on exchanges, the Corporation has acquired 1.65 crore equity shares, which is equivalent to 0.77 percent of the total paid-up equity in the life insurance company. These shares were bought at an average price of Rs 674.87 per share. The stake buy was worth Rs 1,118.84 crore.

In the previous session, HDFC had bought 1.48 crore shares in HDFC Life at an average price of Rs 667.1 per share, amounting to Rs 992.64 crore.

As of March 2023, HDFC‘s shareholding in its life insurance subsidiary was 48.65 percent. Pursuant to the merger of HDFC with HDFC Bank, the Reserve Bank of India in April had advised the Corporation or HDFC Bank to increase the shareholding in HDFC Life and HDFC ERGO to more than 50 percent prior to the effective date of the scheme of amalgamation.

In the current month, the Competition Commission of India has also given approval to the mortgage lender to increase its stake to over 50 percent in HDFC Life. Eventually, after the merger, HDFC Bank will hold over 50 percent stake in HDFC Life.

HDFC Life Insurance Company shares fell 2.3 percent to Rs 651.95.

Adani Enterprises was also in focus, as promoter entity SB Adani Family Trust has sold 1.8 crore equity shares or 1.57 percent stake in the Adani Group company at an average price of Rs 2,300 per share.

The stake sale amounted to Rs 4,140 crore. Gautam S Adani and Rajesh S Adani on behalf of SB Adani Family Trust held 59.13 crore shares or 51.87 percent stake in the company as of March 2023.

However, Adani Enterprises shares climbed over 5 percent to Rs 2,402 on the NSE.

Adani Green Energy fell 0.3 percent to Rs 956.65. Promoter group entity Infinite Trade and Investment Ltd sold 4.6 crore shares or 2.9 percent stake in the renewable energy firm. The average selling price was Rs 920.03 per share. The stake sale was worth Rs 4,232.13 crore.

However, Goldman Sachs Trust II – Goldman Sachs GQG Partners International Opportunities Fund was the buyer for some of those shares in a bulk deal. The fund acquired an additional 1.19 crore equity shares or 0.75 percent stake in Adani Green Energy at an average price of Rs 920.05 per share.

The stake acquired by Goldman Sachs was worth Rs 1,099.8 crore. As of March 2023, the fund held a 1.42 percent stake or 2.25 crore shares in Adani Green Energy.

Advanced Enzyme Technologies shares gained 0.2 percent at Rs 270.40. Promoter entity Advanced Vital Enzymes has sold 25.5 lakh equity shares or a 2.28 percent stake in the enzymes manufacturer at an average price of Rs 270.08 per share.

However, ICICI Prudential Mutual Fund was the buyer, acquiring 10 lakh shares or 0.89 percent stake at an average price of Rs 270 per share.

Global Surfaces was also in focus, rising just 0.17 percent to Rs 202.55. Leading Light Fund VCC the Triumph Fund sold 6.25 lakh shares or 1.47 percent shareholding in engineered quartz stone supplier at an average price of Rs 204.16 per share.

Leading Light Fund VCC the Triumph Fund had held 4.57 percent stake or 19.36 lakh shares in Global Surfaces as of March 2023.

Syrma SGS Technology shares fell nearly 4 percent to Rs 443 on the NSE. South Asia Growth Fund II Holdings LLC has offloaded 10.37 lakh shares or 0.58 percent stake in the electronics manufacturing services and solutions provider. The average selling price was Rs 460.47 per share.

As of March 2023, South Asia Growth Fund held 1.06 crore shares or 6.02 percent shareholding in Syrma SGS.

Norges Bank on Account of the Government Pension Fund Global sold 5 lakh shares in Zydus Wellness at an average price of Rs 1,479 per share. The stock was down half a percent at Rs 1,479.