PE firm Bain Capital offloading Hero MotoCorp shares for around $116 mn

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

FP Archives|Nov 25, 2015, 12:50:58 IST

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, IFR reported, citing a person close to the deal.[caption id="attachment_2520642" align="alignleft" width="380"] Reuters[/caption]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.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.An external spokesman for Bain Capital in India did not immediately reply to a request seeking comment.Hero shares ended 0.3 per cent higher on Tuesday at Rs 2,645.35.Morgan Stanley is the sole bookrunner for the deal, IFR said.Reuters

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