P-notes highest in HDFC, ICICI Bank

The country's two ubiquitous financial powerhouses, HDFC and ICICI Bank, have been the darling of participatory notes, the instrument through which overseas investors invest indirectly "" through foreign institutional investors "" in India's stock market.

Among the stocks comprising Bombay Stock Exchange's Sensitive Index and National Stock Exchange's S&P Nifty, HDFC has the highest P-Notes holding in value, 14.2 per cent, followed by ICICI Bank's 9.1 per cent. 

FIRMS WITH LARGE FII HOLDINGS
	FIIs holding in %		Value of holding Rs crore
	P-Notes	Total FIIs	P-Notes	Total FIIs
Axis Bank	22.30	32.73	6929.00	10169.75
Indiabulls Real	21.50	44.96	2231.20	4665.83
Indiabulls Fin.	21.10	41.35	2935.10	5751.99
H D F C	14.20	79.86	9504.90	53455.17
IDFC	11.00	42.61	2464.30	9545.75
Financial Tech.	11.00	32.30	1315.80	3863.69
Jai Prakash Assoc	10.60	26.96	2850.80	7250.64
Saregama India	10.00	20.60	43.20	88.89
Punjab National Bank	9.20	20.06	1503.60	3278.55
ICICI Bank	9.10	41.04	11124.00	50168.18
Tata Steel	8.10	21.35	4289.70	11306.89

Next in line are Mahindra & Mahindra with 8.5 per cent, Tata Steel (8.1 per cent), Satyam Computer (7.9 per cent), Bharti Airtel (5.8 per cent), ACC (4.8 per cent), Reliance Energy and Ranbaxy (2.7 per cent each), State Bank of India (2.5 per cent) and Grasim (2 per cent).

Two public sector giants, Steel Authority of India (1.6 per cent) and Bharat Heavy Electricals Ltd (1.3 per cent), bring up the rear.

FII holding in Sensex and Nifty stocks is worth to Rs 55,173 crore "" 20.27 per cent of the total FII holding and 4.91 per cent of the total market capitalisation of the Sensex companies.

Interestingly, FIIs seem to be holding less than 1 per cent through P-notes in Reliance Industries, which has the largest market capitalisaiton of all companies in the country.

FII holdings through P-notes, as of on Wednesday, stands at Rs 86,660 crore, accounting for 24.4 per cent of the total market value of FIIs holding.

This is based on data covering 69 companies in which FII holding through P-notes accounts for more than 1 per cent of the total share capital. FII holding in these companies is worth Rs 355,572 crore, which is 24.11 per cent of the total market capitalisation of the 69 companies.