Hero FinCorp., an associate company of Hero MotoCorp., will raise funds via an initial public offering, which will comprise a fresh issue of shares of up to Rs 4,000 crore and an offer for sale by certain existing and eligible shareholders.
In a meeting on Wednesday, Hero FinCorp.'s board of directors provided its approval to undertake the IPO, subject to market conditions, receipt of applicable approvals, regulatory clearances and other considerations, Hero MotoCorp. said in an exchange filing.
Hero FinCorp. is a non-banking financial company that offers products, including personal, business and home loans, and insurance.
Last week, the Reserve Bank of India had imposed a penalty of Rs 3.1 lakh on Hero FinCorp for non-compliance with certain provisions relating to fair practices code.
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