Sunil Kant Munjal has ceased to be a promoter of Hero MotoCorp, the two-wheeler maker told BSE in a notification.
The move is in line with the company's announcement which came last month, that stated, Munjal was going to cease being a promoter after his term as the Joint Managing Director of the company ends on August 16.
Munjal will also resign from the board of Directors of the company immediately.
However, he will continue to hold 32,500 equity shares of the company representing 0,02% of the issued and paid up share capital of the company in his individual capacity, the notification read.
This is the only change among the promoters. The motorcycle maker said that "there will be no change in the classification of the remaining promoters and such persons will continue to be promoters of the company."
The shareholding of the promoters and the promoter group will not be affected by this move.
The shares of Hero MotoCorp were trading up nearly 3% on the BSE. At 1248 hours, Hero's shares were at Rs 3,389.60, up Rs 94.90 (+2.88%)
