New Delhi, Sept. 16 -- Hero Motors has received approval from the Securities and Exchange Board of India (SEBI) to proceed with initial public offering (IPO), as per a filing with the markets regulator on Monday, September 15.

The auto component manufacturer aims to raise Rs.1,200 crore through a mix of fresh equity issuance and an offer for sale (OFS).

Of the total, Rs.800 crore will come from the fresh issue, which will be allocated towards repaying Rs.285 crore of debt, investing Rs.237 crore in new equipment at its Gautam Buddha Nagar plant, funding possible acquisitions, and meeting general corporate requirements. The Rs.400-crore OFS will include Rs.390 crore worth of shares offloaded by OP Munjal Holdings, and Rs.5 crore each by ...