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Hero Investments Pledges 2.6% Share of Hero Honda
This has made the total pledge of Hero group and hero honda split of the shares as on date, to 19.94% of Hero Honda company while the stock exchange saw the fall of Hero Honda price by 4.64% to Rs1777.20 per share on BSE. HIPL"s earlier pledge of 5.98% share with IL & FS was made in the last month after the hero group and hero honda split and the largest pledge so far, 8.58%, amounts to Rs2685 crore.
The Munjal group has acquired the 26% share from Honda Motors after the split with hero group which has increased the share to 43.33% from the earlier 17.33% in December 2010. The company was directed to get the approval from the Cabinet Committee on Economic Affairs as the deal involved Rs4500 crore of foreign investment from Bain Capital and Lathe Investment. In another move, the company said there will be two equity firms BC India Investors II and Lathe Investments Pvt Ltd for sharing 29% stake in HIPL at Rs3650 crore. Hero Group had to payoff Rs3841.83 crore to Honda Motor for acquiring its 26% share as agreed before the split.
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