Hero MotoCorp gains on reports of buying 49.2% stake in Erik Buell

NEW DELHI: Hero MoroCorp Ltd gained over 1 per cent in morning trade on Monday, after the two-wheeler maker said that its wholly owned unit in the United States has agreed to buy a 49.2 per cent stake in superbike company Erik Buell Racing for $25 million.

At 10:00 am; Here MotoCorp was trading 1 per cent higher at Rs 1679. It had hit a low of Rs 1663 and a high of Rs 1682 in trade today.

“As part of the agreement, Hero MotoCorp's US unit has invested $15 million in Erik Buell on June 28, and the remaining $10 million will be paid within nine months,” Reuters reported.