LIC India sells 2.53 per cent stake in Maruti Suzuki

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The country's largest car maker Maruti Suzuki India on Tuesday said Life Insurance Corporation of India has sold 2.53 per cent stake in the company over a period of almost six months.

Post-sale, LIC's stake in Maruti Suzuki India (MSI) has come down to 8.247 per cent currently from 10.777 per cent earlier, the auto maker said in a filing to the BSE.

LIC sold 62,23,598 equity shares, representing 2.53 per cent, of MSI between November 21, 2012, and May 17 this year.

The public sector insurance provider, which is not a part of the promoter group of MSI, sold the shares through open market transactions, the filing said.

Before the share sale exercise, LIC owned 3,11,35,128 equity shares of MSI, which came down to 2,49,11,530 at present after diluting the said stake.

Shares of MSI were trading 1.77 per cent down at Rs 1,711 apiece on BSE in the afternoon trade.

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Keywords:car maker, Maruti Suzuki , Life Insurance Corporation ,MSI,public sector ,insurance provider, promoter group , market transactions,sale exercise, LIC ,business news