Event Date: N/A
Hero FinCorp Limited issued a notice for a postal ballot regarding the approval of equity shares through preferential issue on a private placement basis. This notice is pursuant to Sections 108 and 110 of the Companies Act, 2013, along with related rules and regulations. The company is proposing to issue 22,14,277 Equity Shares, with a face value of Rs. 10 each, at an issue price of Rs. 1400, which includes a premium of Rs. 1390 per share, amounting to Rs. 3,09,99,87,800 to proposed subscribers.
The remote e-voting period will begin on May 09, 2025, and end on June 07, 2025. Members are urged to read the instructions carefully and cast their votes by the end of the working hours on June 07, 2025. The results of the postal ballot will be announced on June 09, 2025. Mr. Devesh Kumar Vasisht and Mr. Parveen Kumar have been appointed as Scrutinizers for this postal ballot.
The notice includes instructions for remote e-voting through MUFG Intime India Private Limited for individual and institutional shareholders, detailing specific processes for NSDL and CDSL demat account holders, and those holding shares in physical form. It also provides helpdesk contact information for technical assistance.
The explanatory statement attached pertains to Section 102(1) of the Companies Act, focusing on the pre-IPO placement. Hero FinCorp plans to list its equity shares on the BSE and NSE, having filed a Draft Red Herring Prospectus (DRHP) with SEBI on July 31, 2024. The company intends to utilize the net proceeds from the issue towards augmenting the company’s Tier 1 Capital base to meet future capital requirements for onward lending, and a portion for meeting issue expenses. The board of directors approved the proposed preferential issue on February 24, 2025. The board recommends passing the resolution for issuing equity shares via preferential allotment to the Proposed Subscribers.
The notice details the pre- and post-issue shareholding patterns, as well as information required under Sections 62 and 102 of the Act and related rules, covering aspects like the objects of the issue, total number of shares, issue price, valuation basis, relevant dates, intended allottees, and proposed time for allotment completion. Valuation reports used to determine pricing were prepared by Resonate Valuetech LLP and KRA & Co. The proposed allotment should be completed within 60 days from the date of receipt of the application/allotment money. Shivendra Kumar Suman, Company Secretary & Compliance Officer, has signed the notice.
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