Hero MotoCorpLimited, India's largest two-wheeler manufacturer on Thursday, May 30, through an exchange filing announced that its financial service division, Hero FinCorp Limited, has received greenlight from the Board of Directors during the meeting held today to embark on an Initial Public Offering (IPO).
The IPO planned by the Hero Fincorp involves two components. First, the fresh issue, which entails the issuance of new shares by the company, aiming to raise funds by offering these fresh shares to investors and the second, offer sale, where certain existing shareholder of the company will offer their shares as part of the IPO and these shareholders will have opportunity to sell a portion of their holdings to interested investors.
As per the regulatory filing, the IPO is structured to include a fresh issue of equity shares with a face value of Rs 10 each and the aggregate value of the fresh issue is set at Rs 40,000 million.
Share performance
The shares of Hero MortoCorp on Thursday at 3:30 pm IST were at Rs 5,152.00, up by 0.16 per cent.
About Hero FinCorp Limited
Hero FinCorp is a subsidiary of Hero MotoCorp that offers financial services to customers and businesses i.e customer finance and commercial lending.
In customer finance division it offers a wide range of services like facilitating loans for Hero MotoCorp Two Wheelers, providing Loyalty Customer Loans, offering top-up loan options to existing customers, and extending Loans against Property.
