Hero Motors withdraws DRHP documents for raising Rs 900 crore through IPO

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Hero Motors withdraws DRHP documents for raising Rs 900 crore through IPO - Business Standard

Quick Summary:

Hero Motors Ltd, the auto-components firm of the Hero Motors Company (HMC) Group, has withdrawn its documents for an initial public offering (IPO) worth Rs 900 crore, an update with markets regulator Sebi showed on Monday.

In its draft papers, the company had proposed to raise Rs 500 crore through a fresh issuance of equity shares and an offer for sale (OFS) of shares valued at Rs 400 crore by promoters.

Under the OFS, O P Munjal Holdings was offloading shares valued at Rs 250 crore while Bhagyoday Investments and Hero Cycles were selling shares to the tune of Rs 75 crore each.