Bain selling Hero MotoCorp shares worth up to Rs 769.72 crore

Bain launched the deal to sell 2.98 million Hero shares in an indicative price band of Rs 2,570-Rs 2,600 each, IFR reported

US private equity firm Bain Capital is selling shares in Hero MotoCorp Ltd , the world's largest seller of motorcycles and scooters, to raise as much as $116 million, or about Rs 769.72 crore, IFR reported, citing a person close to the deal.

Bain launched the deal to sell 2.98 million Hero shares late on Tuesday in the indicative price band of between 2,570 rupees and 2,600 rupees each, IFR, a Thomson Reuters publication, said.

A spokesman for Hero, which sells about one in every two motorbikes in India - mainly in the countryside, could not immediately be reached for comment.

An external spokesman for Bain Capital in India did not immediately reply to a request seeking comment.

Hero shares ended 0.3% higher on Tuesday at 2,645.35 rupees. The Indian markets are shut on Wednesday for a holiday.

Morgan Stanley is the sole bookrunner for the deal, IFR said.