Hero Motors Limited, the auto component manufacturing company of Hero Motors Group of Companies, has withdrawn its application for initial public offering (IPO) of Rs 900 crore.
According to information available on the website of market regulator SEBI, Hero Motors Limited has withdrawn the draft of its documents filed for approval of the IPO.
In its draft documents, the company had proposed to raise Rs 500 crore by issuing new equity shares and offer for sale (OFS) of shares worth Rs 400 crore by the promoter firms.
Under the OFS, OP Munjal Holdings was selling shares worth Rs 250 crore, while Bhagyodaya Investments and Hero Cycles were selling shares worth Rs 75 crore each.
It had filed documents with SEBI in August to seek regulatory approval to launch the IPO.
Without giving any reason for withdrawing its application, the company has said that it withdrew the draft documents on October 5, 2024.
Hero Motors is India's leading vehicle technology company. Hero Motors operates in two segments – Engine Solutions and Alloys & Metals. It has six manufacturing units in India, UK and Thailand.
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