Mumbai: The country’s largest mutual fund house by assets, Reliance Capital Asset Management Ltd (RCAM) has bought an additional 2% stake in ICICI Bank Ltd, the country’s largest private sector lender, during the past 45 days, through open market purchases.
Vikrant Gugnani, chief executive of RCAM, said that two equity funds managed by the house, including Reliance Banking Fund, made the purchases in small quantities.
“The stock price (of ICICI Bank) had fallen to Rs290... It is our business to buy stocks or increase exposure at low prices to find more value,” he said.
ICICI Bank shares, a heavyweight in India’s Sensex stock index, doesn’t have a promoter group but is owned primarily by domestic and foreign financial institutions.
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