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  • Home / Bulletin

Will the real Hero please stand up?

MCA begins investigating Hero over fund divesrion; Bain Capital sells part of stake in Axis ban; JSPL to restructure Mauritius subsidiary; Byjus lenders open to talks, seek draft proposal

  • Money9
  • Last Updated : June 16, 2023, 15:06 IST
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Pawan Munjal
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The Ministry of Corporate Affairs has ordered an investigation against Hero MotoCorp Limited over alleged corporate governance issues. It has has ordered an investigation to assess Hero MotoCorp’s relationship with a third-party vendor in a case related to alleged diversion of funds. The investigation has been ordered in the “public interest” to probe the ownership structure of Hero MotoCorp and whether it controlled the third-party vendor. The probe initiated under ‘public interest’ will investigate the true ownership of certain linked companies. Other than Hero MotoCorp, as per sources, the MCA will also investigate the affairs of Salt Experiences and Management Private Limited (SEMPL) which it suspects to be a ‘linked entity’ of Hero MotoCorp.

Bain Capital may have cut stake in Axis Bank There are reports of private investment firm Bain Capital reducing its stake in Axis Bank, the country’s third largest private bank, through a block deal on Thursday. In the first few minutes of trading, 1.89 crore shares of Axis Bank were traded through block deal. After this block deal, the stock of Axis Bank saw a decline of more than one per cent, but closed 0.087% down at 978.55. In fact, Bain Capital had plans to sell 0.75% stake at a slight discount from Wednesday’s closing. The offer price of this block deal was fixed at Rs 964 – 977.70 per share, which was at a discount of 1.4% from Wednesday’s closing price of Rs 977.70. According to the term sheet of the deal, Bain Capital was to sell 2.25 crore shares, which would fetch the PE firm ~2,163 – 2,188 crores. Bain Capital’s entity BC Asia Investments VII had 1.3% stake in Axis Bank till March 31, 2023.

To know more about corporate and market updates, watch Corporate Central

Published: June 16, 2023, 08:00 IST

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  • Axis
  • Banin Capital
  • BYJU'S

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