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

New Delhi: Shares of Hero MotoCorp rose by over 3 percent 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 percent 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 percent stake in Hero FinCorp while Credit Suisse will hold around 2.5 percent stake in the NBFC.

Hero MotoCorp and Munjal family have a combined holding of 79 percent in Hero Fin Corp. Hero MotoCorp alone has a stake of 41 percent in the NBFC firm.