HDFC AMC hikes stake in Biocon to 5.15%

HDFC Asset Management Company (AMC) has hiked its stake in Biocon, a Bangalore-based biotech company.The company in a release to NSE, said it has hiked its stake to 5.15% from existing 4.97% through market purchase from Edelweiss Securities executed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

The HDFC Mutual Fund comprising of HDFC Capital Builder Fund, HDFC Equity Fund, HDFC Children's Gift Fund - Investment Plan, HDFC Growth Fund, HDFC Top 200 Fund, HDFC Long Term Advantage Fund, HDFC TaxSaver, HDFC Core & Satellite Fund, HDFC Premier Multi-Cap Fund, and HDFC Long Term Equity Fund has made investments in Biocon.

HDFC buys 9.9% more in fund arm

Housing Development and Finance Company (HDFC) has bought an additional 9.9% stake in HDFC Asset Management from its UK-based joint venture partner Standard Life.Standard Life sold the stake at Rs 181.81 crore, thus valuing HDFC Mutual Fund at Rs 1,836.47 crore. HDFC MF manages assets worth Rs 41,333.40 crore.However, Standard Life continues to be a co-sponsor of the mutual fund business of HDFC.

HDFC will now hold a 60% stake, while Standard Life will hold the remaining 40% in the joint venture. Standard Life and HDFC are also partners for HDFC Standard Life Insurance Company, where again HDFC holds a majority 81.9%.

Rad more in The DNA Money article.