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The Munjals, promoters of India's largest motorcycle company Hero Honda Motors Ltd, will take home a cool Rs 730 crore as dividend income.
The company today announced that its board has declared an interim dividend of Rs 70 a share (or 3,500 per cent for a share of face value Rs 2).
Hero Investments Pvt Ltd and the Munjals, headed by Mr Brijmohan Lall Munjal, Chairman of Hero Honda, are the promoters of the company, after the deal with Honda Motor Co of Japan, when the latter sold its 26 per cent shareholding in the company to the Indian joint venture partners. Honda ceased to be a promoter of the company from April 1, 2011, following the agreement with the Hero group.
Hero Investments and the Munjal family together hold nearly 10.42 crore shares in the company, or a 52.21 per cent stake.
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