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

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