NEW DELHI: Hero Motors, the auto-components agency of the Hero Motors Firm (HMC) Group, has withdrawn its paperwork for an preliminary public providing (IPO) value Rs 900 crore, an replace with markets regulator Sebi confirmed on Monday.
In its draft papers, the corporate had proposed to lift Rs 500 crore via a recent issuance of fairness shares and a suggestion on the market (OFS) of shares valued at Rs 400 crore by promoters.
Beneath the OFS, O P Munjal Holdings was offloading shares valued at Rs 250 crore whereas Bhagyoday Investments and Hero Cycles had been promoting shares to the tune of Rs 75 crore every. It had filed its draft crimson herring prospectus (DRHP) in Aug with Sebi to hunt nod to drift IPO.
With out disclosing the explanation, the corporate mentioned its “DRHP (was) withdrawn on Oct 5, 2024”. Going by the draft papers, proceeds from the recent problem had been proposed for use for debt cost and buy of apparatus required for growth within the capability of the corporate’s facility in Gautam Buddha Nagar, Uttar Pradesh.
Hero Motors is India’s main automotive know-how firm engaged in designing, creating, manufacturing and supplying excessive engineered powertrain options to automotive OEMs in the USA, Europe, India, and the ASEAN area.
The corporate’s product vary consists of each electrical and non-electric powertrains for numerous car classes, together with two-wheelers, e-bikes, off-road automobiles, electrical in addition to hybrid vehicles and heavy-duty automobiles. Companies
