HDFC Mutual Fund raises stake in Teamlease to 9 per cent

NEW DELHI: HDFC Mutual Fund has increased shareholding in staffing firm Teamlease Services by 2.2 per cent to nearly 9 per cent by purchasing shares via open market.

The aggregate holding of HDFC Mutual Fund in Teamlease Services was at 6.79 per cent of the paid up equity share capital, as on May 26, 2016.

"... there has been an increase in the shareholding of the company by the schemes of HDFC Mutual Fund by 2.20 per cent as of August 10, 2016," HDFC Asset Management Company said in a regulatory filing.

The aggregate holding of the schemes of HDFC Mutual Fund in the company (Teamlease) is 8.99 per cent of the paid up share capital (of over Rs 17.09 crore comprising 1,70,96,769 shares of Rs 10 each), it added.

Teamlease Services is a Bengaluru based firm.

The 6.79 per cent equity stake by HDFC Mutual Fund in Teamlease is equivalent to 11,61,294 shares.

After the purchase of 2.2 stake, HDFC Mutual Fund now holds 15,38,093 shares in Teamlease.

HDFC Mutual Fund is a trust constituted with Housing Development Finance Corporation Limited (HDFC) and Standard Life Investments Limited as the sponsors. HDFC Trustee Company is the trustee.