Hero Group, the Munjal family holding company behind India’s biggest motorcycle manufacturer Hero MotoCorp, has reduced its stake in the bike business to raise funds for other projects.
The Munjals have sold seven million Hero MotoCorp shares split into four tranches — a 3.3 per cent holding — for the equivalent of about £200m. However, they still retain a controlling stake of slightly more than 36 per cent. Following the sale, Hero’s share price on the Bombay Stock Exchange fell by more than five per cent.
Commenting on this partial exit, Hero MotoCorp joint managing director Sunil Kant Munjal said: “The group is evaluating options and may not specify what it would be diversifying into. At this moment we can’t announce until we finalise it. We are looking at different opportunities.”
Pictured is Hero ambassador, golfer Tiger Woods.