Life Insurance of India (LIC) has reduced its stake in TVS Motor Company 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.
Following the stake sale, LIC’s stake in TVS Motors has come down to 3.46% from 5.5% earlier. The state-owned insurer offloaded the shares between September 9, 2010 and June 2, 2014.
TVS Motor Company is the flagship of the $6 billion Indian conglomerate, TVS Group which recently celebrated one hundred years in the automotive business in India. The company recently won 'India's Most Trusted Two Wheeler Brand' Award from the Times Group.
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Friday 6 June 2014
LIC trims stake in TVS Motor Company
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