LIC lowers stake in TVS Motors to 3%
The insurance company offloaded 97,12,148 shares, constituting 2.04% stake
New Delhi: State-owned Life Insurance Corp. of India (LIC) has lowered its stake in TVS Motor Co. Ltd to over 3% by selling more than 2% shareholding over a period of around four years.
The country’s largest life insurer offloaded 97,12,148 shares, constituting 2.04% stake, through open market transactions, TVS Motor said in a filing to the BSE.
LIC’s stake in TVS Motors has come down to 3.46% from 5.5% earlier after the offloading of shares, the Chennai-based firm said.
The state-owned insurer offloaded the shares between 9 September 2010 and 2 June 2014.
Shares of TVS Motors were trading at ₹ 130.70 apiece on the BSE, down 1.88% from their previous close.
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