Hero MotoCorp says LIC has hiked stake by 2%

The country's largest two-wheeler maker Hero MotoCorp on Thursday said state-owned LIC has increased its stake in the company to 7.146% 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% 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% 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.