Hero Motors, the flagship company in the auto-components segment of the HMC Group, has lodged draft documents with SEBI to raise Rs 900 crore through the IPO route. The IPO would offer a fresh issue of equity shares worth Rs 500 crore and an Offer-for-Sale of up to Rs 400 crore by current promoters.
Of this, promoter O P Munjal Holdings would offload shares worth Rs 250 crore, Bhagyoday Investments Rs 75 crore and Hero Cycles Rs 75 crore. A pre-IPO placement of Rs 100 crore may also be considered by the company which, if done, will reduce the fresh issue size.
Hero Motors is engaged in the business of providing electric as well as non-electric power train solutions to leading global automotive OEMs that have brands like BMW and Ducati and leading Electric Bike Manufacturers. The Company has at back south Asia Growth Invest LLC which has invested 12.27 percent.
The Hero Motors IPO is a strategic step towards further consolidating its presence and increasing the offered product array in an extremely fast-growing automotive technology market.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com
Source: Moneycontrol
News Desk
