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Hero Honda on Wednesday said its promoter group firm Hero Investments Pvt Ltd (HIPL) has pledged 2.6 per cent of the company's stake estimated to be worth over Rs 900 crore.
According to a filing to the BSE, HIPL has pledged 52 lakh shares on two equal transactions to IL&FS Trust Company Ltd on April 13.
Although the auto major did not reveal the deal size, going by the closing price of Rs 1,735.10 a share on the day of transaction, HIPL is likely to have raised over Rs 900 crore.
With this, HIPL has pledged a total of 19.94 per cent stake of Hero Honda.
Shares of Hero Honda fell 4.64 per cent on Wednesday, to close at Rs 1,777.20 on the BSE.
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