Hero promoters to sell stake worth $300 mn
3.3% share sold for Rs 1,860 cr; promoters eyeing entry in real estate, power, defence.
The Munjal family, promoters of the world’s largest two-wheeler maker Hero MotoCorp, on Wednesday sold 3.3 per cent of their stake, worth $300 million (Rs 1,860 crore), in the company to help them diversify into new businesses such as defence, real estate and power. The promoters now have about 36 per cent stake in the company.
In a statement, the family said, “The group will use the sale proceeds to fund new growth avenues available through the government’s ‘Make in India’ initiative. The prime minister’s ‘Make in India’ platform has opened up new vistas, some in very high growth areas, and the Hero Group — with its experience, scale of operations and brand equity — is uniquely placed to leverage these emerging opportunities.” The statement added the group remained “strongly committed” to its core two-wheeler business, where it saw enormous potential, both in India and abroad.
For more visit: Business Standard
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