MUMBAI: China’s central bank has acquired 1% stake in the country’s largest mortgage company HDFC, according to shareholding disclosures made by the corporation.
According to BSE data, as of March 31, the People’s Bank of China (PBOC) held nearly 1.75 crore shares, currently worth nearly Rs 3,000 crore. Due to the coronavirus pandemic-led global market sell-off in 2020, HDFC’s stock price has lost 32% of its value from its January 14 high of Rs 2,500 to its Thursday’s close of Rs 1,702.
The investment, although unusual, is not a sudden development. HDFC management said PBOC, which has the largest financial asset holdings among the world’s central banks, has been gradually hiking its stake. “The disclosure has been made now since the stake has hit the 1% regulatory threshold. (PBOC has) been accumulating the shares over a year and are now holding 1%” said Keki Mistry, VC & CEO, HDFC. As of March 201
