Controlling shareholders of Hero MotoCorp, India's biggest maker of motorcycles and scooters, plan to sell $300 million worth of shares later in the day, according to a term sheet seen by Reuters.
Brij Mohan Lal Om Prakash would sell nearly 7 million shares in India's biggest maker of motorcycles and scooters in open market transactions on Wednesday, the term sheet for the deal showed.
The block deal if successful would pare the promoters' stake to 36.92 per cent from 39.92 per cent.
The shares are offered at an indicative price band of Rs 2,664 to Rs 2,720, the term sheet showed, a discount of as much as 5 per cent from its Monday's closing price of Rs 2,805.
Kotak and Barclays are the bankers to the deal, the term sheet added.
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