Hero MotoCorp promoters' stake up following Hero Investment merger

Stake held by five Hero MotoCorp promoters, including Pawan Munjal, the two-wheeler maker's managing director and CEO, have gone up, following the company allotting 1.23 crore shares to each of the promoters 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 0.4 per cent earlier, pursuant to the allotment of 1.23 crore shares by Hero MotoCorp.

Similarly, shareholdings of Suman Kant Munjal, Renu Munjal, Brij Mohan Lall Munjal and Sunil Kant Munjal have increased 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 on Wednesday cancelled 8,65,31,210 equity shares of Rs 2 each standing in the name of Hero Investments Private Limited pursuant to the amalgamation scheme.

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

Shares in Hero MotoCorp, on Wednesday, ended at Rs 2,088.50 on the BSE, up 0.98 per cent from the previous close.