India’s major insurer LIC (Life Insurance Corporation of India) has sold over 2% stake in Maruti Suzuki India over a period of time, thereby reducing its total holding in MSI to around 10%.
LIC sold a total of 58,29,103 shares of the company aggregating 2.018% stake between August 24, 2009 and November 11, 2012 through the open market, Maruti Suzuki India (MSI) said in a filing to BSE.
After the sale, LIC's holding in MSI stands at 10.777%. Before the transaction, LIC held 12.794% stake in MSI, with a total of 3,69,64,231 shares, it added.
The equity share capital of MSI stands at 14.4 billion after the transaction, the company said.