Hero FinCorp fresh issue ₹4,000 crore IPO
On Wednesday, May 29, Hero FinCorp Ltd (HFCL), a division of Hero MotoCorp Ltd, said that its board of directors has approved the ₹4,000 crore Initial Public Offering (IPO) of equity shares, valued at ₹10 apiece.
"This is to inform you that the Board of Directors of the Company in their meeting held on May 29, 2024, has considered and approved the Initial Public Offering (IPO) of the equity shares of face value of ₹10 each," Hero FinCorp stated.
"the IPO comprises of a fresh issue of equity shares aggregating up to ₹40,000 million and an Offer for Sale of Equity Shares by certain existing and eligible shareholders of the company," it stated.
In addition to a new issue of equity shares, certain current and qualified shareholders will also make an offer to sell equity shares as part of the IPO.
HFCL is a non-banking financial institution that specializes in providing finance to both corporate and retail clients. Its products include working capital loans, term loans, loans against real estate, bill discounting, leasing, and financing for two-wheelers.
Hero Motocorp Ltd.'s shares closed at ₹5,136.10 on the BSE, down ₹50.75, or 0.98%.
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