LIC reduces stake in HDFC Asset Management Company to 6.953% from 9.046%

Current Context: The Life Insurance Corporation of India (LIC) announced on December 8, 2023, that its shareholding in HDFC Asset Management Company Limited has decreased from 1,93,11,744 to 1,48,44,466 Equity Shares.

• This corresponds to a decrease in shareholding from 9.046% to 6.953% of the paid-up capital of the company.
• The decrease of 2.093% in holding occurred during the period from December 14, 2022, to December 7, 2023.
• The average cost of acquisition during this period was Rs 2863.45. On the day of the announcement, the shares of LIC were trading at Rs 773.95.

Question:

Q.1 What is the new shareholding of LIC in HDFC Asset Management Company Limited?
a. 9.046%
b. 6.953%
c. 7.953%
d. 8.046%