3.5% stake sale on Hero Moto by promoters - for what?

B M Munjal, promoter of Hero Moto along with his four sons (widow of Ramakant Munjal, who died earlier), with each one holding 1,23,96,840 equity shares each, being 6.21% stake held by each, are learnt to have sold 70 lakh shares this morning on NSE, at an average rate of Rs. 2,670 per share, which was done at a discount of 5% to Monday’s closing price.. Total sale value of these 70 lakh shares works out at around Rs. 1,870 crore.

It is learnt that all 5 individual shareholders have sold 14 lakh shares each. Why this sale has has been effected now, which was not expected earlier and seen happening all of a sudden?

It is said that these shares are either sold for acquiring strategic stake in Pipavav Defence from Nikhil Gandhi, in their personal capacity, or may have been sold for making payment to families of two brothers of B M Munjal, as part of family settlement, or there may be any other purpose like some acquisitions etc. As of now, the mystery remains.

Let’s keep our finger crossed, as we will get it to learn of it over the next couple of days.