PE Firm Bain Capital Sells 4.3 Per Cent Stake in Hero MotoCorp for Rs 2,457 Crore

Mumbai: Private equity firm Bain Capital India on Friday offloaded a 4.3 per cent stake in two-wheeler major Hero MotoCorp Ltd for an estimated Rs 2,457 crore via open market route.

Bain Capital sold a total of 85,42,583 shares, accounting to a 4.27 per cent stake, in Hero MotoCorp, according to bulk deal data available with the stock exchanges.

The shares were offloaded at an average price of Rs 2,875.83 apiece valuing the transaction at Rs 2,456.70 crore.

This is the second instance when Bain Capital has sold shares in Hero Motocorp. Earlier in June, the private equity firm sold 56.18 crore shares of the two-wheeler maker for a sum of Rs 1,481 crore.

As of September 30, Bain Capital held 1.15 crore shares, or a 5.77 per cent stake, in Hero Motocorp. However, Bain Capital held an 8.6 per cent stake in the company at the end of March quarter.

Bain Capital has over $75 billion in assets under management.

Meanwhile, DB International Asia Limited picked up 18.90 lakh shares in the two-wheeler maker for Rs 543.41 crore and Lazard Emerging Markets Portfolio purchased 11.18 lakh shares for a sum of Rs 321.35 crore.

Hero Motocorp shares, on Friday, ended 1.99 per cent lower at Rs 2,898.50 apiece on the BSE, while the Sensex closed 0.17 per cent lower at 27,868.63.

A rally in the stock markets this year has led to a number of private equity investors exiting their stake in public listed companies through open market transactions.