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New Delhi, Oct 7: Hero Motors Ltd, the auto-components firm of the Hero Motors Company (HMC) Group, has withdrawn its documents for an initial public offering (IPO) worth Rs 900 crore, an update with markets regulator Sebi showed on Monday.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Without disclosing the reason, the company said its "DRHP (was) withdrawn on October 5, 2024".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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Gurugram: Four college students held for night-time thefts of car tyres, rims
Gurugram (PTI): The Gurugram Police has busted an alleged tyre-theft gang that was active in the city for the past two months, police said on Saturday.
Four students from different colleges were arrested for allegedly stealing tyres and rims of vehicles parked outside houses and hotels during the night, police said, adding that the accused squandered the proceeds of theft on lavish escapades at clubs.
According to an official, the accused have confessed to 14 cases of tyre and rim thefts, and all four have been taken on a two-day police remand after being produced in court.
The accused were identified as Rishikesh (23), a chartered accountancy student from sector-39 Jharsa; Arjun (22), a native of Siwana village in Jhajjar studying BA (LLB) at Baba Mastnath University, Rohtak; Piyush Rana (23), resident of Jodhpur village in Palwal and a student of B Com in Gurugram University; and Tushar Kumar (22), a native of Bihar's Munger and a B Com student of DSD college, Gurugram.
According to the police, a crime branch team nabbed the gang on Friday.
A senior investigating officer said, during interrogation, the accused revealed that they would go out at night in a blue Maruti Suzuki Fronx car belonging to Arjun.
They would park the car near the target vehicle and, using a jack and other tools, removed the tyres, including the rims. Then, they would leave the vehicle on bricks and load the stolen tyres on to the Fronx before fleeing, the officer added.
The vehicle used in the crimes will be impounded soon, a Gurugram Police spokesperson said.
"During interrogation, the accused revealed that they are childhood friends and have studied together. All of them are fond of parties and clubs, and began stealing when they couldn't get pocket money from home. They had been actively involved in thefts for the past two months," he added.
