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For the entire year, the company recorded a net loss of Rs 194.00 crore, compared to a net profit of Rs 70.62 crore in the previous year ending March 2021. Sales increased by 9.75 percent to Rs 4440.58 crore in the fiscal year ending March 2022, compared to Rs 4045.93 crore the previous year.
Non-banking finance company Hero FinCorp, an associate company of Hero MotoCorp, India’s largest two-wheeler manufacturer, could be looking at an initial public offer (IPO) after having successfully closed a funding round of ₹2,000 crore recently.
Hero MotoCorp and US-based private equity major Apollo Management participated in the latest fund-raising round of Hero FinCorp.If Hero FinCorp goes ahead with the listing, it will make the company the only second entity from the Hero group to get listed on the stock exchanges.
Hero FinCorp has become the first Indian company to raise a secured overnight financing rate (SOFR)-linked syndicated loan, said people aware of the matter. The non-bank finance company, promoted by Hero MotoCorp, raised $350 million (about Rs 2,631 crore) at 168 basis points above SOFR, a new international benchmark that has come into existence to replace the London Interbank Offered Rate or LIBOR from January 1. As Per ET The SOFR rate was 0.05% on Thursday. Axis Bank and HSBC are underwriters to the loan, said the people cited earlier.
Though Indian companies have raised overseas loans linked to SOFR since the beginning of the year, Hero FinCorp is the first to raise a syndicated loan marked to the new rate. Loans of this nature could become more popular among a wide range of borrowers, according to market participants.