Insurance major Life Insurance Corporation of India (LIC) has raised its stake in Hero MotoCorp by over 2 per cent through open market operations over a period of time. With this, the state-owned insurer's stake in the auto major rose to 9.17 per cent, Hero MotoCorp said in a regulatory filing on Tuesday.
LIC acquired 4,036,938 shares amounting to 2.021 per cent stake in Hero MotoCorp between May 19, 2020 and January 4, 2021, the country's largest two-wheeler maker said in a filing to the Bombay Stock Exchange.
Before the acquisition, LIC held 14,273,295 shares of Hero MotoCorp totalling 7.145 per cent stake, it added.
As per the latest shareholding pattern available on the BSE, the promoter and promoter group companies held 34.76 per cent stake in Hero MotoCorp, while public shareholders accounting for 65.24 per cent as on September 30, 2020.
In May last year, Hero MotoCorp had informed the exchange that LIC had acquired 40,16,255 shares or 2.011 per cent stake in the company between June 21, 2017 and May 19, 2020, raising total shareholding to 7.146 per cent.
Meanwhile, shares of Hero MotoCorp ended Tuesday trade at Rs 3067.30, up 0.77 per cent, against the previous closing price of Rs 3,044.
LIC, one of the major equity investors, recently made fresh investments in various stocks during September quarter, including Kotak Mahindra Bank by 0.73 per cent. LIC increased its stake in the private bank to 3.18 per cent from 2.45 per cent earlier, by buying additional 14,523,574 shares in the company during the July-September quarter of the current fiscal.
By Chitranjan Kumar