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New Delhi, Oct 7: Hero Motors Ltd, the auto-components firm of the Hero Motors Company (HMC) Group, has withdrawn its documents for an initial public offering (IPO) worth Rs 900 crore, an update with markets regulator Sebi showed on Monday.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Without disclosing the reason, the company said its "DRHP (was) withdrawn on October 5, 2024".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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Woman died post delivery after Pune hospital refused admission over Rs 10 lakh deposit
Mumbai (PTI): BJP MLC Amit Gorkhe on Thursday claimed a Pune-based hospital refused to admit the pregnant wife of his personal secretary due to non-payment of advance deposit of Rs 10 lakh.
The woman, Tanisha Bhise, later died at another hospital after giving birth to twins, he said in a video message.
Her husband Sushant works as a personal secretary to Gorkhe.
The hospital refuted the allegations and blamed the woman's kin for giving "misleading information".
"Despite an assurance to pay Rs 3 lakh immediately, the hospital denied admission to the patient. Even a call was made from Mantralaya to the Deenanath Mangeshkar Hospital, but it did not yield any response from the hospital," Gorkhe alleged.
"The woman was later taken to another hospital, where she gave birth to twin girls but passed away. This is a serious issue. I request the chief minister to take strict action against the hospital. I will also raise this matter in the upcoming legislative session," Gorkhe said.
Shiv Sena (UBT) leader Sushma Andhare also took to social media and asserted the hospital sought Rs 10 lakh as deposit despite the woman's kin agreeing to arrange Rs 2.5 lakh immediately and the rest in a short period.
"Even after a call from Mantralaya, the hospital did not change its stand. The patient had to be shifted to another hospital, where she delivered twins but did not survive. Had the hospital administration shown some humanitarian consideration, Tanisha Bhise might have been alive today," Andhare stated.
BJP leader and MLC Chitra Wagh also criticised the hospital's action and sought strict action, including revoking licences of doctors or hospitals found guilty of such behaviour.
"If this is the treatment meted out to someone close to a legislator, one can only imagine the plight of ordinary patients," Wagh said.
Wagh in her post on X said, "The doctors were supposed to offer support to the woman but they showed their commercial interest only. If such type of treatment is offered by the hospitals operated by charitable trusts, then the doctor's license should be cancelled and hospital should be closed. One strong step would give a message to others who practice in such way."
The hospital, meanwhile, refuted the allegations and blamed the woman's kin for giving "misleading information".
"We will prepare a detailed report about the incident and will submit it to the health department of the state. The report will have detailed medical information about the incident which was concealed by the kin of the deceased woman,” said Deenanath Mangeshkar Hospital medical director Dr Dhananjay Kelkar said.
