Auto parts firm Hero Motors Ltd. has filed a draft purple herring prospectus (DRHP) with market regulators Securities and Change Board of India (SEBI) to lift ₹900 crore by way of an preliminary public providing (IPO).
The IPO with a face worth of ₹10 is a mixture of contemporary subject of as much as ₹500 crore and a suggestion on the market as much as ₹400 crore by promoters.
The OFS contains ₹250 crore value shares by O.P. Munjal Holdings, and ₹75 crore every by Bhagyoday Investments and Hero Cycles.
Proceeds from the contemporary subject of shares will be used to the extent of ₹200.1 crore for compensation or pre-payment, in full or partially, of sure of its excellent borrowings availed by the corporate, ₹124 crore for funding capital expenditure in the direction of buy of kit required for growth in capability of the Gautam Buddha Nagar, Uttar Pradesh facility, moreover common company functions.
