LIC trims stake in Hero MotoCorp to 2.99%

New Delhi: State-owned LIC has cut its stake in Hero MotoCorp to around 3 percent by selling more than 2 percent stake.

The country's largest insurer offloaded 40,74,307 shares, constituting 2.04 percent, 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 percent from 5.03 percent 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 percent from its previous close.