Bain Capital selling $116-mn Hero MotoCorp shares

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, the world’s largest seller of motorcycles and scooters, to raise as much as $116 million, 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 Rs 2,570 and Rs 2,600 each, IFR, a Thomson Reuters publication, said. Bain Capital declined to comment on the matter.

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

Hero shares ended 0.3 per cent higher on Tuesday at Rs 2,645.35. The markets are shut on Wednesday for a holiday. Morgan Stanley is the sole bookrunner for the deal, IFR said.