Hero Motors Ltd, the auto-components agency of the Hero Motors Firm (HMC) Group, has withdrawn its paperwork for an preliminary public providing (IPO) value ₹900 crore, an replace with markets regulator SEBI confirmed on Monday.
In its draft papers, the corporate had proposed to lift ₹500 crore by means of a recent issuance of fairness shares and a suggestion on the market (OFS) of shares valued at ₹400 crore by promoters.
Beneath the OFS, O P Munjal Holdings was offloading shares valued at ₹250 crore whereas Bhagyoday Investments and Hero Cycles had been promoting shares to the tune of ₹75 crore every.
It had filed its draft crimson herring prospectus (DRHP) in August with SEBI to hunt the regulator’s nod to drift IPO.
With out disclosing the explanation, the corporate stated its “DRHP (was) withdrawn on October 5, 2024”.
Going by the draft papers, proceeds from the recent difficulty was proposed for use for debt fee and buy of apparatus required for enlargement 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, growing, manufacturing and supplying excessive engineered powertrain options to automotive OEMs in america, Europe, India, and the ASEAN area.
The corporate’s product vary contains each electrical and non-electric powertrains for numerous car classes, together with two-wheelers, e-bikes, off-road autos, electrical in addition to hybrid vehicles and heavy-duty autos.
Hero Motors operates in two segments — powertrain options, and alloys and metallics — and has six manufacturing services throughout India, the UK, and Thailand.