Hero Investments (HIPL), the promoter group firm of the country's largest two-wheeler maker Hero Honda has revoked 17.33 per cent shares of the company that were pledged to three different investors. The company didn’t provide the details at which the shares were revoked but HIPL is estimated to have bought back the shares for a total consideration of about Rs 6,150 crore.
HIPL revoked a total of 3,46,12,460 equity shares in three tranches on June 7, 8 and June 10. The promoter group firm revoked 1,19,35,331 shares each from IL&FS Trust Company and IDBI Trusteeship Services, 1,07,41,798 shares have been revoked from Axis Trustee Services. HIPL's pledged stake in Hero Honda comes down to 2.60 percent after this transaction.
HIPL's stake in the Munjals-promoted auto major was increased to 43.33 percent earlier this month from 17.33 percent as on December 31, 2010 due to the exit of Hero Honda's erstwhile Japanese promoter Honda. In March, the Cabinet Committee on Economic Affairs had approved a proposal for a Rs 4,500 crore foreign direct investment in HIPL by Bain Capital and Lathe Investment.
The Hero Group had earlier stated that the two private equity firms, BC India Investors II, a part of Bain Capital, and Lathe Investment, will together pick up a 29 per cent stake in HIPL for Rs 3,650 crore.
Company Name | CMP |
---|---|
Bajaj Auto | 8780.30 |
Hero MotoCorp | 4265.80 |
TVS Motor | 2384.45 |
Eicher Motors | 4740.75 |
Atul Auto | 571.00 |
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