Hero Motors withdraws DRHP documents for raising Rs 900 crore through IPO
It had filed its draft red herring prospectus (DRHP) in August with Sebi to seek the regulator's nod to float IPO
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Hero Motors has withdrawn its documents for an initial public offering (IPO) worth Rs 900 crore. In its draft papers, the company had proposed to raise Rs 500 crore through a fresh issuance of equity shares and an offer for sale (OFS) of shares valued at Rs 400 crore by promoters.
Under the OFS, O P Munjal Holdings was offloading shares valued at Rs 250 crore while Bhagyoday Investments and Hero Cycles were selling shares to the tune of Rs 75 crore each.
It had filed its draft red herring prospectus (DRHP) in August with Sebi to seek the regulator's nod to float IPO. Going by the draft papers, proceeds from the fresh issue was proposed to be used for debt payment and purchase of equipment required for expansion in the capacity of the company's facility in Gautam Buddha Nagar, Uttar Pradesh.
Hero Motors, the auto-components firm of the Hero Motors Company (HMC) Group, is India's leading automotive technology company engaged in designing, developing, manufacturing and supplying high engineered powertrain solutions to automotive OEMs in the United States, Europe, India, and the ASEAN region.