In a regulatory filing on Friday, HDFC Life Insurance Company has said that Reserve Bank of India (RBI) has permitted HDFC Bank or HDFC to increase their shareholding in HDFC Life Insurance Company and HDFC ERGO General Insurance Company to over 50 per cent prior to the effective date of the merger
Mumbai:
Shares of HDFC Life Insurance ended more than 6 per cent higher on Monday after the Reserve Bank gave its nod to HDFC Bank and HDFC Ltd to raise their stake in the private insurer.
The stock of the company jumped 6.66 per cent to close at Rs 547.50 apiece on the BSE. During the day, the shares rallied 8.05 per cent to hit a day high of Rs 554.60 per scrip.
On the NSE, it zoomed 6.40 per cent to settle at Rs 546.15 per piece.
In volume terms, 6.54 lakh shares of the firm were traded on the BSE and 2.35 crore shares on the NSE during the day.
Meanwhile, the 30-share Sensex index closed 401.04 points or 0.67 per cent up at 60,056.10 points on Monday.
In a regulatory filing on Friday, HDFC Life Insurance Company has said that Reserve Bank of India (RBI) has permitted HDFC Bank or HDFC to increase their shareholding in HDFC Life Insurance Company and HDFC ERGO General Insurance Company to over 50 per cent prior to the effective date of the merger.