Hero FinCorp Limited announced that it expects to receive INR 20 billion in funding from Hero MotoCorp Limited and other investors

Hero FinCorp Limited announced that it will receive INR 20,000,000,000 in a round of funding on January 24, 2022. The company will issue compulsorily convertible preference shares in the transaction. The transaction will include participation from returning investor Hero MotoCorp Limited for INR 7,000,000,000, which currently holds 41.2% stake in the company.

The transaction has been approved by the board of directors of Hero MotoCorp Limited, is subject to execution of definitive documents and completion of certain customary conditions, and is not subject to any regulatory approval. The transaction is expected to close on April 30, 2022.