Financial Daily from THE HINDU group of publications
Friday, Jul 30, 2004
Financial Daily from THE HINDU group of publications Friday, Jul 30, 2004 |
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Private Banks Markets - Foreign Institutional Investors Money & Banking - Mergers & Acquisitions FIIs buy into IDBI; LIC bullish in IDBI Bank Suresh Krishnamurthy
IN the six months ended June 2004, LIC has turned out to be quite bullish on the IDBI Bank counter. The corporation, which held about 69 lakh shares or a stake of about 3.3 per cent at the end of December 2003, almost doubled it to about 6.4 per cent or 1.38 crore shares at the end of June 2004. During the same period, however, LIC did not add to its holdings in IDBI, while Unit Trust of India has sought to pare exposures. UTI reduced its exposures from 3.7 per cent at the end of December 2003 to about 1.5 per cent at the end of June 2004. Foreign institutional investors though had adopted a contrary approach during the same period. They stayed away from IDBI Bank but bought heavily into IDBI. Emerging Markets Management bought a 1 per cent stake in IDBI, while HSBC Global Investment Funds raised its stake from 1.8 per cent to 2.1 per cent.
More Stories on : Private Banks | Foreign Institutional Investors | Mergers & Acquisitions | Financial Institutions
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