LIC lowers stake in TVS Motor to 3%

State-owned LIC has lowered its stake in TVS Motor Company to over 3% 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, TVS Motor Company Ltd said in a filing to the BSE.

LIC's stake in TVS Motors has come down to 3.46% from 5.5% earlier after the offloading of shares, the Chennai-based firm said.

The state-owned insurer offloaded the shares between September 9, 2010 and June 2, 2014.

Shares of TVS Motor were trading at Rs 130.70 apiece on the BSE, down 1.88% from their previous close.