Sunil Munjal ceases to be promoter of Hero MotoCorp

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Sunil Kant Munjal will keep on holding 32,500 shares, 0.02 for every penny of the paid-up capital, as an individual shareholder. 

New Delhi: Hero MotoCorp, the world's biggest bike producer, on August 17 said Sunil Kant Munjal has stopped to be a promoter of the organization after his residency as Joint Managing Director finished on August 16. 

Be that as it may, he will keep on holding 32,500 shares, 0.02 for each penny of the paid-up capital, as an individual shareholder. 

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"we have gotten a correspondence from the individual promoters of the organization expressing that in accordance with the aforementioned realignment, Sunil Kant Munjal will consequently, not be named a "promoter" of the organization," the organization said in a BSE recording. 

It further said: "Nonetheless, Sunil Kant Munjal will keep on holding 32,500 value shares of the organization speaking to 0.02 for every penny of the issued and paid up offer capital of the organization in his individual limit." 

Saint MotoCorp had a month ago reported that Sunil Munjal will venture down from the leading body of the organization when his residency as Joint Managing Director closes on August 16. 

"The individuals from the BML Munjal family have chosen to realign their organizations to accomplish future development and extension… Sunil Kant Munjal, Joint Managing Director, Hero MotoCorp, and Chairman, Hero Corporate Service, means to center his time and vitality on his free and center organizations, and to seek after new business interests," the organization had educated in a BSE recording. 

Legend MotoCorp had said the realignment would not affect the general promoter shareholding, vital heading or operational administration of the organization. Shares of Hero MotoCorp were exchanging at Rs 3,390.75, up 2.92 for every penny on the BSE.

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