Hero Motors gets SEBI nod for ₹1,200 crore

The auto component manufacturer aims to raise ₹1,200 crore through a mix of fresh equity issuance and an offer for sale (OFS). Of the total, ₹800 crore will come from the fresh issue, which will be allocated towards repaying ₹285 crore of debt, investing ₹237 crore in new equipment at its Gautam Buddha Nagar plant, funding possible acquisitions, and meeting general corporate requirements. The ₹400-crore OFS will include ₹390 crore worth of shares offloaded by OP Munjal Holdings, and ₹5 crore each by Bhagyoday Investments and Hero Cycles.