LIC Buys Over 50% Of Shares Offered In Hudco's OFS

Life Insurance Corporation of India Ltd. bought 52.6% of Housing and Urban Development Corporation Ltd.'s offer for sale.

That has increased the insurance provider holding in Hudco to 8.9% equity, or 17.8 crore shares, from 5.2% equity, or 10.4 crore shares, held earlier, according to an exchange filing.

Hudco had offered 14 crore shares, representing 7% equity in the company, including a green shoe option of 7 crore shares.

The bid took place at the floor price of Rs 79 apiece, which was subscribed to 2.1 times on its first day and reserved for non-retail investors.

Shares of Hudco fell 4.46% to Rs 73.95 apiece, compared to a flat Nifty 50 as of 10:06 a.m. The stock fell 4.65% intraday, the most in a day since Sept. 12.

The stock has risen 45.1% since the beginning of the current calendar year. It rose to a lifetime high level of Rs 95.9 apiece on Oct. 4, before paring gains.

The average traded volume so far in the day stood at 0.23 times its monthly average, while the relative strength index was at 35.