Hero MotoCorp promoters' stake up

PTI Posted online: Wednesday, Sep 11, 2013 at 0000 hrs
New Delhi : Stake held by five promoters, including MD & CEO Pawan Munjal, of two-wheeler maker Hero MotoCorp have gone up, following the company allotting 1.23 crore shares each as part of amalgamation of Hero Investment with the auto major.

In separate filings to the BSE, the five promoters said that their shareholding has increased following the merger of Hero Investment with Hero MotoCorp.

Pawan Munjal's shareholding has gone up to 6.25 per cent, from earlier 0.4 per cent pursuant to allotment of 1.23 crore shares by Hero MotoCorp.

Similarly, the shareholdings of Suman Kant Munjal, Renu Munjal, Brij Mohan Lall Munjal and Sunil Kant Munjal have incresed to 6.27 per cent, 6.26 per cent, 6.21 per cent and 6.23 per cent, respectively, following the allotment of shares.

In a separate filing, Hero Motocorp said that a committee of directors in its meeting held today canceled 8,65,31,210 equity shares of Rs 2 each standing in the name of Hero Investments Private Limited pursuant to a amalgamation scheme.

Recently, the high court approved the amalgamation of Hero Investments Private Limited into Hero MotoCorp Limited.

Shares of Hero MotoCorp today closed at Rs 2,088.50 on the BSE, up 0.98 per cent from its previous close.