Private equity firm Bain Capital India on Friday offloaded 4.3 per cent stake in two-wheeler major Hero MotoCorp Ltd for an estimated Rs 2,457 crore through the open market route.
Bain Capital sold a total of 85,42,583 shares, accounting to 4.27 per cent, of Hero MotoCorp, according to bulk deal data available with the stock exchanges.
The shares were offloaded on 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 PE firm sold 56.18 lakh shares of the two-wheeler maker for a sum of Rs 1,481 crore.
As of September 30, Bain Capital held 5.77 per cent or 1.15 crore shares of Hero Motocorp. However, Bain Capital held 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 of the two-wheeler maker for Rs 543.41 crore and Lazard Emerging Markets Portfolio purchased 11.18 lakh scrips of Hero Motocorp for a sum of Rs 321.35 crore.
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