&w=3840&q=100)
Hero FinCorp garners ₹260 crore from investors in pre-IPO placement round
Hero FinCorp, the financial services division of two-wheeler manufacturer Hero MotoCorp, has raised ₹260 crore in a pre-IPO placement round.
This fund mobilisation led to a reduction in fresh issue size to ₹1,840 crore from the earlier planned ₹2,100 crore.
The total IPO size now stands at ₹3,408 crore, which includes a ₹1,568 crore offer-for-sale (OFS) by existing investors. This marks a reduction from the earlier planned Rs 3,668 crore.
Those selling shares in the OFS are -- AHVF II Holdings Singapore II Pte. Ltd, Apis Growth II (Hibiscus) Pte. Ltd, Link Investment Trust (through Vikas Srivastava) and Otter Ltd.
In the pre-IPO round executed on June 5, Hero FinCorp entered into investment agreements with 12 investors, allotting 18.57 lakh shares at Rs 1,400 per share on June 13, raising Rs 259.99 crore, according to a public announcement by the company.
Under this, the company allotted shares worth Rs 69 crore to Shahi Exports, RVG Jatropha Plantation (Rs 50 crore), Mohan Exports (Rs 25 crore), and AP Properties (Rs 22 crore).
Additional participants in the round were Vivek Chaand Sehgal, Paramount Products, Tiger Laser Pte, Virender Uppal, Laksh Vaaman Sehgal, Renu Sehgal Trust, Yugal Chit Fund, and LC Hercules (Cayman).
In May, the company received market regulator Sebi's nod to float its IPO.
Going by the draft papers, proceeds from the fresh issue will be used to increase the company's capital to meet future funding needs for lending activities.
Hero FinCorp is an NBFC offering a diversified suite of financial products catered primarily to the retail, micro, small and medium enterprise (MSME) customer segments in India.
As of March 2024, the NBFC firm had assets under management (AUM) of Rs 51,821 crore, of which retail and MSME loan verticals contributed 65 per cent and 21 per cent, respectively. Since the company's inception in 1991, its customer base has grown to 1.18 crore as of March 2024.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
29 minutes ago
- Time of India
Mega electronics mfg cluster mooted in Aranmula wetlands
Thiruvananthapuram: In a policy U-turn, the state govt is weighing a proposal by a private company linked to the original promoters of the controversial Aranmula airport to develop a Rs 600 crore electronics manufacturing cluster on the same 335.25 acres where the shelved project was once planned. Govt records accessed by TOI reveal that over 90% of this land is officially classified as paddy field or wetland. The proposal is being considered by the revenue and agriculture departments, and the move contradicts the LDF govt's 2016 position. The Pinarayi Vijayan-led cabinet had, in Nov 2016, in one of its first major decisions after coming to power, scrapped all clearances to the Aranmula airport project, honouring its election promise. The govt revoked every order passed by the previous UDF regime—its in-principle approval, equity participation and the controversial grant of industrial status to the largely agrarian land. Former agriculture minister V S Sunil Kumar even staged a symbolic paddy sowing at the site and declared that the land would be returned to its original purpose. Now, a company named Taking Off to the Future Pvt Ltd (TOFL)—described in govt documents as a direct reincarnation of the Aranmula airport firm—is back with the cluster proposal. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Show Your Patriotism: American Flag Bald Eagle Garland Graddi Read More Undo It has sought exemption under Section 81(3) of the Kerala Land Reforms Act to retain excess land that spans four villages—Aranmula, Kidangannoor, Mezhuveli and Mallapuzhassery in Pathanamthitta's Kozhencherry taluk. "The proposal was forwarded to us from the IT department. As part of the due process, the agriculture department was asked to give its opinion regarding the paddy land, and its response has not been favourable. The revenue department, which handles land conversion, also considers such inputs before taking a final view. Both departments have conveyed their respective opinions, and the matter is under consideration," revenue minister K Rajan said. Documents confirm that the site earmarked for the cluster overlaps with the land once acquired for the airport. Of the total 335.25 acres, 156.45 acres are classified as paddy land and 13.77 acres as wetlands, triggering concerns under the Kerala Conservation of Paddy Land and Wetland Act, 2008. The district collector's report, submitted as part of the exemption application, bluntly notes: "The land includes large extents of paddy fields and wetlands. Many parcels are still being used for paddy cultivation, as verified by agricultural and village offices." According to a revenue department note, quoting the district collector's report, the property remains under scrutiny as part of an excess land case, and land tax is not being accepted. The note, also citing a joint field inspection, confirms that the site includes land reclaimed before 2007, areas listed in the paddy land data bank and active paddy plots. Inspectors also found that adjacent areas, like the Kidangannur puncha fields, are under cultivation. The agricultural officer also warns that any future construction must be planned carefully to avoid flooding and ecological degradation. Importantly, the district collector has not made a clear recommendation on whether the land ceiling exemption should be granted. TOFL claims that the project will attract Rs 4,000 crore in additional investments and create over one lakh jobs. Senior officials, however, admit that the firm's direct lineage to the abandoned airport project has revived old concerns about land use violations, regulatory circumvention and repackaging of a rejected venture. The land was originally transferred to KGS Aranmula Airport Ltd, the company behind the defunct airport, by the Kozhencherry Charitable Education Society. The public accounts committee of the assembly had earlier revealed irregularities in the airport project's land dealings and clearances.
Time of India
43 minutes ago
- Time of India
GST revenue in Bengal jumps to 9.5% from 5% last fiscal
Kolkata: Revenue growth through GST in Bengal has jumped to 9.5% this year from about 5% last fiscal. Shravan Kumar, chief commissioner of central goods and services and central excise, Kolkata zone, said this while addressing a conference — '19th Residential Study Course' — organised by Indirect Tax Committee of Bombay Chartered Accountants' Society (BCAS) in the city. Tired of too many ads? go ad free now "Eight years down the line, the GST ecosystem is evolving to address the challenges faced by taxpayers and the administration. In Bengal, authorities have detected Rs 3,500 crores of fraudulent ITC, leaving 13-15 people behind bars. These exercises have improved the revenue of Bengal govt from 5% to 9.5% in the last one year," said Kumar. Members of traders' bodies highlighted the areas of GST that call for reforms. Akshay Binjrajka, president of Bharat Toy Association, said: "Currently, toy comes under two tax categories in GST — 12% for non-battery-operated and 18% for battery-operated toys. We urge that all toys should come under 5% GST so that customers can purchase more and manufacturing cost will decrease." CA Mandar Telang, treasurer of BCAS, emphasised the necessity of re-examining the provisions and timelines fixed for correcting bona fide errors. Around 300 delegates from across the country participated in the conference.
Time of India
43 minutes ago
- Time of India
Two Horticulture Corp outlets to turn into minimart-style stores
Panaji: The Goa State Horticultural Corporation Ltd (GSHCL) is set to upgrade its Panaji and Tonca outlets into minimart-style stores. The revamped stores will feature separate entry and exit points to ensure better crowd management and improved store flow. Replacing the traditional loose-sale format, each of the greens will now be packaged, with each item carrying a bar code label to enable faster and more accurate billing. According to GSHCL managing director Chandrahas Desai, the implementation of the new system is scheduled to begin after monsoon this year. 'While vegetables at these outlets will continue to be sold at subsidised rates, the modernised setup is expected to attract more urban consumers seeking both affordability and convenience,' Desai told TOI . To support this upgrade, two additional point-of-sale machines will be installed at each outlet. 'This is expected to cut down waiting times and ensure quicker checkouts, especially during peak hours,' Desai said. The Panaji outlet, located within the Panaji municipal market complex, records an average footfall of 250 customers per day, while the Tonca outlet, situated at the entrance of the GSHCL head office, serves about 450 daily visitors. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo 'The Tonca outlet will undergo structural changes to accommodate this system. It will be designed in an L-shape,' Desai said. 'Both locations already have CCTV surveillance systems, ensuring a secure shopping environment.' This infrastructural revamp coincides with the corporation's larger success story in local agricultural support. Under its 'Promotion of Vegetables with Assured Market' scheme, GSHCL recorded growth in farmer engagement and produce procurement over the past six years. Vegetable purchases surged from 965.6 metric tonnes in 2019-20 to 1,662.4 metric tonnes in 2024-25, reflecting a 72% increase. Additionally, farmer remuneration under the scheme also saw a jump from Rs 414.8 lakh in 2019-20 to Rs 684.2 lakh in 2024-25. The programme expanded its network from 1,081 farmers to 1,273, bringing 192 new farmers into its fold since 2019.
