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Hero Motors Ltd has withdrawn its Draft Red Herring Prospectus for a ₹900 crore IPO, which aimed to raise ₹500 crore through new equity and ₹400 crore via promoter share sales.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.
October 07, 2024
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