Shares of Hero MotoCorp rose by over 3 per cent today after its unit Hero FinCorp raised Rs 1,002 crore from private equity firms and also from its parent Hero Group to fuel expansion over the next 12-18 months. The stock gained 3.3 per cent to Rs 3,639 on BSE.
On NSE, shares of the company jumped 3.39 per cent to Rs 3,643. Hero FinCorp yesterday raised Rs 1,002 crore from private equity firms ChrysCapital, Credit Suisse and also from its parent Hero Group to fuel expansion over the next 12-18 months. ChrysCapital has invested Rs 570 crore, Hero Group made an additional investment of Rs 300 crore and Credit Suisse of another Rs 132 crore. post investment, ChrysCapital will have 11 per cent stake in Hero FinCorp while Credit Suisse will hold around 2.5 per cent stake in the NBFC. Hero MotoCorp and Munjal family have a combined holding of 79 per cent in Hero Fin Corp. Hero MotoCorp alone has a stake of 41 per cent in the NBFC firm.