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Sunil Munjal ceases to be promoter of Hero MotoCorp

However, he will continue to hold 32,500 shares, 0.02 per cent of the paid-up capital, as an individual shareholder.

, ET Bureau|
Updated: Aug 17, 2016, 02.22 PM IST
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However, he will continue to hold 32,500 shares, 0.02 per cent of the paid-up capital, as an individual shareholder.
However, he will continue to hold 32,500 shares, 0.02 per cent of the paid-up capital, as an individual shareholder.
NEW DELHI: The country's largest two-wheeler maker Hero MotoCorp today said as part of the business realignment process within the Group, Sunil Munjal will cease to be classified as promoter in the firm. Munja will, however, continue to hold 32500 shares amounting to 0.02% of the paid-up capital of Hero MotoCorp as an individual shareholder.

The announcement comes a day after Munjal's tenure as the joint managing director at Hero MotoCorp came to an end on August 16, 2016.

In a filing to the stock exchanges, Hero MotoCorp said, "...we have received a communication from the individual promoters of the company stating that pursuant to the aforesaid realignment, Sunil Kant Munjal will henceforth, not be classified as a 'promoter' of the company."

It further said: "However, Sunil Kant Munjal will continue to hold 32,500 equity shares of the company representing 0.02 per cent of the issued and paid up share capital of the company in his individual capacity."

Hero MotoCorp had last month announced that Sunil Munjal will step down from the board of the company when his tenure as Joint Managing Director ends on August 16.

"The members of the BML Munjal family have decided to realign their businesses to achieve future growth and expansion... Sunil Kant Munjal, Joint Managing Director, Hero MotoCorp, and Chairman, Hero Corporate Service, intends to focus his time and energy on his independent and core businesses, and to pursue new business interests," the company had informed in a BSE filing.

Hero MotoCorp had said the realignment would not impact the overall promoter shareholding, strategic direction or operational management of the company.
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