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In the recent stock holding pattern for the housing major HDFC, it is revealed that China's central owns 1.1% stake in the company.
And confirming the news the company's CEO said that People's Bank of China previously also 0.8% stake in the company. But the disclosure has been made now as the shareholding hit the threshold level of 1% mark. And this 1.1% stake means ownership of 1.75 crore shares.
And there is nothing unusual in this stake as several other sovereign wealth funds have stake in the firm, said the company's CEO to a leading business channel.
"It is common for central banks to buy shares on behalf of the sovereign wealth funds of their respective countries," said Parekh. "HDFC stock is also owned by SAMA, the Saudi Arabian Monetary Authority (the country's central bank), purchased on behalf of their sovereign wealth fund. Many other sovereign wealth funds also own HDFC and other Indian stocks - funds such as the government of Singapore.
"There is nothing unusual or conspiratorial in these holdings; besides they are too small to matter - each about 1 percent or less."
In between February and March, the stock of HDFC has slumped from 52-week highs of Rs. 2500 to 52-week low of Rs. 1473. Its last traded price was Rs. 1701.25.
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