Hero MotoCorp Ltd to invest up to Rs. 700 crore in Hero FinCorp Ltd

The Board of Directors of Hero MotoCorp Ltd, in its meeting held on 24th January 2022, has approved an investment of up to INR 700 crore (Rupees Seven Hundred crore) in one or more tranches, in Hero FinCorp Limited (HFCL). The investment is subject to execution of definitive documents and completion of certain conditions customary to a transaction of this nature.

Hero FinCorp Ltd. primarily deals in financing retail and corporate customers through products including two-wheeler financing, term loans, working capital loans, loan against property, bill discounting, leasing, etc.

Turnover for the year ended March 2021 was Rs. 4,091.64 Crore.

HFCL is in the process of raising capital of upto Rs. 2,000 core through private placement for its business purposes. HMCL investment of Rs. 700 crore is towards participation in this capital raise round.

Shares of Hero MotoCorp Limited was last trading in BSE at Rs. 2775.80 as compared to the previous close of Rs. 2706.75. The total number of shares traded during the day was 66780 in over 6948 trades.

The stock hit an intraday high of Rs. 2788.25 and intraday low of 2662.95. The net turnover during the day was Rs. 183715720.00.

Source : Equity Bulls

Keywords

HeroMotoCorp INE158A01026 Investment HeroFinCorp