Hero Motors withdraws Rs 900-cr IPO papers
New Delhi, Oct 7: Hero Motors Ltd, the auto-components firm of the Hero Motors Company (HMC) Group, has withdrawn its documents for an initial public offering (IPO) worth Rs 900 crore, an update with markets regulator Sebi showed on Monday.
In its draft papers, the company had proposed to raise Rs 500 crore through a fresh issuance of equity shares and an offer for sale (OFS) of shares valued at Rs 400 crore by promoters.
Under the OFS, O P Munjal Holdings was offloading shares valued at Rs 250 crore while Bhagyoday Investments and Hero Cycles were selling shares to the tune of Rs 75 crore each.
It had filed its draft red herring prospectus (DRHP) in August with Sebi to seek the regulator's nod to float IPO.
Without disclosing the reason, the company said its "DRHP (was) withdrawn on October 5, 2024".
Going by the draft papers, proceeds from the fresh issue was proposed to be used for debt payment and purchase of equipment required for expansion in the capacity of the company's facility in Gautam Buddha Nagar, Uttar Pradesh.
Hero Motors is India's leading automotive technology company engaged in designing, developing, manufacturing and supplying high engineered powertrain solutions to automotive OEMs in the United States, Europe, India, and the ASEAN region.
The company's product range includes both electric and non-electric powertrains for various vehicle categories, including two-wheelers, e-bikes, off-road vehicles, electric as well as hybrid cars and heavy-duty vehicles.
Hero Motors operates in two segments -- powertrain solutions, and alloys and metallics -- and has six manufacturing facilities across India, the UK, and Thailand.
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POCSO case accused Murugha Math seer Shivamurthy Muruga Sharanaru released on bail
Chitradurga (Karnataka), Oct 7: A court here on Monday granted bail to Murugha Math seer Shivamurthy Sharanaru, following the completion of interrogation of witnesses in the sexual harassment case, lodged against him under the POCSO Act.
He was imprisoned in the Chitradurga district prison after his arrest in September 2022.
The seer's arrest followed complaints of sexual misconduct from girls at a Math-run institution, with the help of the Mysuru-based NGO 'Odanadi'.
Following the 2nd Additional District and Sessions Court of Chitradurga granting bail, Sharana walked out of the jail, and expressed hope that "truth will win".
"...I will only say that because of the grace of God, I'm out of jail today. I will be going to Shivayogi ashrama in Davanagere....will speak in detail later, it is time to remain silent now. The legal fight is on, I'm hopeful that the truth will win...I have already told devotees what I have to, legal fight will continue," he told reporters here.
Although the Karnataka High Court had initially granted him bail in November 2023, the decision was challenged in the Supreme Court, which had ruled that he would only be released after the interrogation of 13 witnesses.
Basavaprabhu Swami, the interim chief of Murugha Math, expressed satisfaction with the court's decision, saying, "We are happy that he has finally been released from prison."
Swami added that while the seer had been barred from entering Chitradurga district, he would reside at a Math unit in nearby district headquarters town of Davangere and continue to contest the charges legally.
Shivamurthy Sharana was arrested in 2022, followed by the detention of several other individuals connected to the case, including the warden of the Math-run hostel and a junior pontiff. Three FIRs were registered against him. The first, filed on August 26, 2022, included charges under the Protection of Children from Sexual Offences (POCSO) Act.
Another, on October 13, 2022, was lodged by a cook employed at the Math, alleging that the seer had sexually assaulted four girls, including her daughters.
A third case, filed in October 2022, accused the Math of concealing information about minors living on the premises.
