Hero Motocorp, the country's largest two-wheeler seller, announced today that Sunil Kant Munjal has ceased to be a promoter of the company after his tenure as joint managing director came to an end on Tuesday.
"We have received a communication from the individual promoters of the company stating that pursuant to the aforesaid realignment, Sunil Kant Munjal will henceforth, not be classified as a 'promoter' of the company", Hero Motocorp's filing with the Bombay Stock Exchange said today.
However, Munjal will continue to hold 32,500 equity shares of the company representing 0.02 per cent of the issued and paid up share capital of the company in his individual capacity. The shares held by him are collectively valued at Rs 10.92 crore.
Late last month the Delhi-based company announced an 'ownership realignment' wherein sunil Kant Munjal was to step down from Hero Group's flagship company Hero Motocorp headed by his brother Pawan Kant Munjal.
The 'ownership realignment' came within months of the death of Hero Group patriarch Brijmohan Lall Munjal's in November last year.