State-owned Life Insurance Corporation of India (LIC) has reduced its stake in Hero MotoCorp to around 3%. The country’s largest insurer has sold 40,74,307 shares, constituting 2.04% in the company through an open market transaction.
LIC’s stake in the country’s largest two-wheeler maker has come down to 2.99% from 5.03% earlier after the offloading of shares. The insurer offloaded the shares of the two-wheeler major, between January 31, 2013 and March 12, 2014.
As on December 2013, the promoters holding in the company stood at 39.92% while Institutions and Non-Institutions held 39.10% and 20.98% stake in the company, respectively.
Hero MotoCorp is the World’s single largest two-wheeler motorcycle company. Honda Motor Company of Japan and the Hero Group entered a joint venture to setup Hero Honda Motors in 1984. Hero Honda Motors changed its name to Hero MotoCorp following the exit of its erstwhile Japanese promoter, Honda, from the company.
