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Hero MotoCorp says LIC has hiked stake by 2%

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The country’s largest two-wheeler maker Hero MotoCorp NSE 1.47 % on Thursday said state-owned LIC has increased its stake in the company to 7.146 per cent through acquisition of shares from the open market over a period of time.

Life Insurance Corporation of India (LIC) acquired 40,16,255 shares amounting to 2.011 per cent stake in the company between June 21, 2017 and May 19, 2020, Hero MotoCorp said in a regulatory filing.

Before the acquisition, LIC held 1,02,57,040 shares of Hero MotoCorp totalling 5.135 per cent stake, it added.

As on the quarter ended March 31, 2020, the promoter and promoter group companies held 34.63 per cent stake in Hero MotoCorp, with public shareholders accounting for 65.37 per cent.

News Source: Economic Times

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