Hero MotoCorp promoter entity buys shares worth Rs 2,996 crore

NEW DELHI: Bahadur Chand Investments, one of the promoters of Hero MotoCorp, today raised its holding in the two-wheeler major by picking up 4.45 per cent stake for Rs 2,996 crore from another promoter firm in an open market transaction.

According to bulk deal data available with the NSE, Bahadur Chand Investments bought 88.78 lakh shares, amounting to 4.45 per cent stake, of Hero MotoCorp from Brij Mohan Lall Om Prakash ( BMOP), a partnership firm of the promoter family members.

Shares were purchased at an average price of Rs 3,375, valuing the transaction at Rs 2,996.32 crore.

This is an inter-se transfer between the promoters. There is no change in the aggregate promoter shareholding in Hero MotoCorp.

Bahadur Chand Investments held 11.11 per cent stake in Hero MotoCorp as of December quarter.

Earlier in August 2016, Bahadur Chand Investments had picked up 48,80,988 shares of Hero MotoCorp for Rs 1,620 crore.

Shares of Hero MotoCorp today closed at Rs 3,360 on the NSE, down 0.45 per cent from previous close.