Cyril Amarchand Mangaldas advised Hero Motors Limited (“Company”), as the Indian legal counsel to the Company on its initial public offering of equity shares of face value of ₹10 each of the Company (“Equity Shares”) aggregating to ₹ 10,000.00 million (“Offer”). The Offer consisted of a fresh issue of 71,428,571 Equity Shares aggregating to ₹ 6,000.00 million and an offer for sale of 47,619,047 Equity Shares aggregating to ₹ 4,000.00 million, which included an offer for sale of 47,023,80 Equity Shares aggregating to ₹ 3,950.00 million by O P Munjal Holdings Limited (“Promoter Selling Shareholder”) and 595,238 Equity Shares aggregating to ₹ 50.00 million by Hero Cycles Limited (“Promoter Selling Shareholder”) (collectively the “Selling Shareholders”).
The Company is a fully integrated powertrain systems provider offering comprehensive solutions including services for designing, prototyping, validating, developing, and delivering system-level and component-level powertrain solutions for both electric as well as non-electric powertrains.
The Firm also advised the Selling Shareholders namely, O P Munjal Holdings Limited and Hero Cycles Limited on their participation in the offer for sale component of the Offer.
The book running lead managers to the Offer were ICICI Securities Limited, DAM Capital Limited, and JM Financial Limited (“BRLMs”).
The transaction was led by Vishal Yaduvanshi, Partner – (regional co‑head ‑ capital markets ‑ north); Amitpal Singh, Partner; with support from Mihir Mathur, Principal Associate; Aditya Singh, Senior Associate; Prakhar Jain, Ritvik Maheshwari, Shvabh Chakarwari, and Abhirup Manna, Associates.
