URL copied to clipboard

Hero Motors IPO Withdraws ₹900 Crore DRHP Proposal Amid SEBI Technical Revisions – Find Out What Causes This Move!

Hero Motors IPO has withdrawn its draft red herring prospectus for a ₹900 crore IPO due to technical issues identified by SEBI, with plans to refile within a month.
Hero Motors IPO Withdraws ₹900 Crore DHRP Proposal Amid SEBI Technical Revisions – Find Out What Causes This Move!

Hero Motors IPO has encountered a setback as the company has withdrawn its draft red herring prospectus (DRHP) for the proposed ₹900 crore initial public offering. The withdrawal was announced on October 5, shortly after the draft papers were filed in August. According to the processing status on the SEBI website, the decision to retract the DRHP was due to technical issues that necessitated revisions requested by SEBI.

Alice Blue Image

Learn More About Upcoming NFO Stock List 2024: New Fund Offerings to Watch in the Stock Market Today

The company clarified that the withdrawal is not indicative of a weak secondary market. Instead, they plan to address the regulatory feedback and refile the DRHP within a month. This indicates Hero Motors’ commitment to adhering to regulatory standards before proceeding with the IPO.

The initial IPO plan included a fresh issue of shares worth ₹500 crore, along with an offer for sale (OFS) totaling ₹400 crore. The OFS comprised shares valued at ₹250 crore from OP Munjal Holdings and ₹75 crore each from Bhagyoday Investments and Hero Cycles.

Also Read Q2 Earnings to Launch; Exciting Results Ahead from TCS, IREDA, and DMart – Check Out the Dates!

The funds raised from the fresh issue were intended for several purposes, including the repayment of certain borrowings, allocating ₹124 crore for capital expenditure on equipment to expand capacity at the Gautam Buddha Nagar facility in Uttar Pradesh, and covering general corporate expenses.

In other market developments, National Securities Depository Ltd (NSDL), Zinka Logistics Solutions, Standard Glass Lining Technology, and Suraksha Diagnostic have received SEBI

Loading
Read More News