Hero MotoCorp, the world's largest two-wheeler manufacturer, today said Sunil Kant Munjal has ceased to be a promoter of the company after his tenure as Joint Managing Director ended on August 16.
However, he will continue to hold 32,500 shares, 0.02 percent of the paid-up capital, as an individual shareholder.
"...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," the company said in a BSE filing.
It further said: "However, Sunil Kant Munjal will continue to hold 32,500 equity shares of the company representing 0.02 percent 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.
Shares of Hero MotoCorp were trading at Rs 3,390.75, up 2.92 percent on the BSE.
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