LIC trims stake in Hero MotoCorp to 2.99%

State-owned LIC has cut its stake in Hero MotoCorp to around 3 per cent by selling more than 2 per cent stake.

The country's largest insurer offloaded 40,74,307 shares, constituting 2.04 per cent, in MotoCorp through an open market transaction, Hero MotoCorp Ltd said in a filing to the BSE.

LIC's stake in the country's largest two-wheeler maker has come down to 2.99 per cent from 5.03 per cent earlier after the offloading of shares, it added.

LIC offloaded the shares of the two-wheeler major, between January 31, 2013 and March 12, 2014.

Hero MotoCorp shares were trading at Rs 2115 apiece on the BSE in late afternoon trade, up 0.69 per cent from its previous close.

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