HMCL NA and HMCL Americas, both wholly owned subsidiaries of Hero MotoCorp and incorporated under the laws of Delaware, U.S.A., have entered into a settlement agreement with the receiver appointed by the circuit court, Wisconsin, US, in the matter of chapter 128 filed by the Erik Buell Racing and Erik Buell LLC.

The settlement agreement is, inter alia, contingent upon the approval by the circuit court and the approval of the board of directors of Hero MotoCorp, authorizing its joinder as a direct party to the settlement agreement on or before Aug. 10, 2015.

The performance of the settlement agreement will help the company's in-house research and development teams to accelerate development of certain consulting projects, including the projects EBR was executing for Hero MotoCorp at the time of filing of the Chapter 128 Receivership.

Shares of the company declined Rs 14.05, or 0.54%, to trade at Rs 2,591.60. The total volume of shares traded was 5,401 at the BSE (10.21 a.m., Tuesday).