Munjals rejig stake in Hero Honda

New Delhi: Hero Honda — a joint venture between the Munjals and Japan’s Honda Motor — on Monday announced a realignment in the ownership of stake of its Indian promoters’ holding in the country’s largest twowheeler maker.

The Munjals and Honda hold a 26% stake each in Hero Honda and the rest is held by the public and financial institutions. Following a family settlement agreement of the Indian promoters, Brijmohan Munjal and his sons will now hold the stake as Indian promoters in the company.

In a filing to the Bombay Stock Exchange, Hero Honda said that in view of the family settlement agreement, the Indian promoters — Hero Investments (HIPL), Bahadur Chand Investment (BCIPL) and Hero Cycles — have realigned their shareholding in the company.

“In view of the same, Hero Cycles had transferred its holding in the company to HIPL. Consequently, the Indian promoter group of the company now comprises of HIPL and BCIPL, owned and controlled entirely by the Munjal family headed by Brijmohan Lall Munjal, chairman of the company,” it added.