HIPL revokes 51.2 lakh shares in Hero MotoCorp

The country's largest two-wheeler maker Hero MotoCorp on Thursday said its promoter firm Hero Investments Pvt Ltd (HIPL) has revoked 2.56 percent shares from IL&FS Trust Company.

In a filing to the BSE, the company said it has revoked a total of 51,20,000 shares in two trances from IL&FS.

Although the company has not specified how much money it paid to IL&FS for revoking the shares, it can be estimated to be around Rs 1,100 crore on the basis of Hero MotoCorp's closing price on BSE on November 1, the date of the exercise.

Post the revoke exercise, 80,000 shares are left pledged with IL&FS, comprising 0.04 percent stake in Hero MotoCorp, it added.

HIPL's stake in the company is now increased to 43.29 percent, the filing said.