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Hot Pursuit
15-Dec-23
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LIC pares stake in Hero Moto Corp
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Life Insurance Corporation of India (LIC) said that that it has decreased its stake in Hero Moto Corp to 18,482,495 equity shares from 22,491,571 shares earlier decreasing its shareholding to 9.246% from 11.252% earlier.
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LIC sold 40,09,076 shares, or 2 % equity, of Hero Moto Corp at an average cost of Rs 3,416.52 crore via open market sale during the period from 13 June 2023 to 14 December 2023.
Hero MotoCorp is the world's largest manufacturer of motorcycles and scooters.
LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country.
On the BSE, shares of LIC declined 1.83% to Rs 800.35 while Hero Moto Corp rose 0.52% to Rs 3,901.15.
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