Hero Fincorp, the financial subsidiary of Hero Motocorp, the country's largest two-wheeler manufacturer, has given the nod for Rs 4,000-crore Initial Public Offering of equity shares of face value Rs 10.
The IPO will have a combination of new shares and an offer for sale by certain current and eligible shareholders of the company.
“The company’s board of directors met on May 29, 2024. It has approved an IPO with shares having a face value of Rs 10 each,” Hero Fincorp said in a statement.
“The IPO comprises Equity Shares aggregating up to Rs 40,000 million and an Offer for Sale of Equity Shares by certain existing and eligible shareholders of the company,” it added.
Hero MotoCorp owns roughly 40% of Hero Fincorp, and the Munjal family holds approximately 30 to 35% of the company.
Read Also | Hero MotoCorp Hits Milestone: Surpasses Rs 1 Lakh Cr Market Valuation
Read Also | Hero MotoCorp Faces Income Tax Department's Demand of Rs 605 Crore
