Hero Motors Ltd, the auto-parts company of the Hero Motors Firm (HMC) Community, has withdrawn its paperwork for an preliminary public providing (IPO) fee ₹900 crore, an update with markets regulator SEBI confirmed on Monday.
In its draft papers, the firm had proposed to increase ₹500 crore through a recent issuance of equity shares and a proposal in the marketplace (OFS) of shares valued at ₹400 crore by promoters.
Below the OFS, O P Munjal Holdings used to be offloading shares valued at ₹250 crore while Bhagyoday Investments and Hero Cycles own been promoting shares to the tune of ₹75 crore each and each.
It had filed its draft purple herring prospectus (DRHP) in August with SEBI to gape the regulator's nod to pass with the waft IPO.
With out disclosing the motive, the firm talked about its "DRHP (used to be) withdrawn on October 5, 2024".
Going by the draft papers, proceeds from the contemporary articulate used to be proposed to be historical for debt fee and buy of instruments required for growth in the capability of the firm's facility in Gautam Buddha Nagar, Uttar Pradesh.
Hero Motors is India's leading car skills firm engaged in designing, increasing, manufacturing and supplying excessive engineered powertrain solutions to car OEMs in the US, Europe, India, and the ASEAN space.
The firm's product fluctuate entails each and each electric and non-electric powertrains for assorted automobile categories, at the side of two-wheelers, e-bikes, off-street vehicles, electric as effectively as hybrid vehicles and heavy-duty vehicles.
Hero Motors operates in two segments -- powertrain solutions, and alloys and metallics -- and has six manufacturing services and products all over India, the UK, and Thailand.