Hero Fincorp approves Rs 4,000 crore IPO

Mumbai, May 30

India's largest two-wheeler manufacturing company Hero Motocorp's financial arm Hero Fincorp approved a Rs 4,000 crore Initial Public Offering (IPO) of equity shares with a face value of Rs 10 each.

IPO will be a combination of a fresh issue and an offer for sale (OFS) by certain existing and eligible shareholders of the company.

"The company's board of directors met on May 29, 2024. It has approved an IPO with shares having a face value of Rs 10 each," Hero Fincorp said in a statement.

It further said, "The IPO comprises Equity Shares aggregating up to Rs 40,000 million and an Offer for Sale of Equity Shares by certain existing and eligible shareholders of the company."

Hero Fincorp is an NBFC company. It provides loans for two-wheelers, affordable housing, education, small and medium industries, etc. The company is present in more than 4,000 cities and towns.

Hero MotoCorp holds about 40 per cent stake in Hero Fincorp. Around 30 to 35 per cent stake is owned by the Munjal family. The rest is held by investors like Apollo Global, ChrysCapital, Credit Suisse, and some dealers of Hero MotoCorp.

At 1:00 p.m., Hero Motocorp was at Rs 5,146 per share, up 0.04 per cent. The market capitalisation of the company is nearly Rs 1.03 lakh crore.

Disclaimer: This story was supplied by an external content provider; we do not endorse or accept responsibility for its accuracy, completeness, or any outcomes from relying on it. It is for informational purposes only and does not constitute legal, financial, medical, or other professional advice. Laws and regulations vary and may change; readers should verify accuracy and compliance with local requirements and consult a qualified professional for tailored guidance.