Hero Motors Ltd withdraws ₹900 crore IPO draft, intended for debt repayment and capacity expansion.

Hero Motors Ltd has withdrawn its Draft Red Herring Prospectus for a ₹900 crore IPO, which aimed to raise ₹500 crore through new equity and ₹400 crore via promoter share sales. The withdrawal, effective October 5, did not provide a reason. The company, a major player in automotive technology, intended to use the funds for debt repayment and equipment purchases to expand its capacity in Uttar Pradesh. Hero Motors operates six manufacturing facilities globally.