Hero MotoCorp has received an approval from the Reserve Bank of India (RBI) whereby the apex bank has notified that foreign institutional investors (FIIs)/ Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49% of the paid up capital of the company under the Portfolio Investment Scheme.
The company had passed resolutions at its board of directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs.
Hero MotoCorp is the world’s single largest two-wheeler motorcycle company. Honda Motor Company of Japan and the Hero Group entered a joint venture to setup Hero Honda Motors in 1984. Hero Honda Motors changed its name to Hero MotoCorp following the exit of its erstwhile Japanese promoter, Honda, from the company.
