Hero MotoCorp shares up over 3% as unit raises Rs 1,002 crore

Shares of Hero MotoCorp rose by over 3% 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% to Rs 3,639 on BSE. On NSE, shares of the company jumped 3.39% 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% 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% in Hero Fin Corp. Hero MotoCorp alone has a stake of 41% in the NBFC firm.