 "Hero MotoCorp skids after block deals")
Shares in Hero MotoCorp has dipped 3.4% to Rs 2,616 after a multiple block deals executed on the counter in noon deals on the NSE and BSE.
At 1350 hours, around 2.4 million shares representing 1.2% of Hero MotoCorp's total equity have changed hands at a price of Rs 2,642, the BSE data shows. While around 3.5 million shares (1.75% stake) of two-three wheelers maker have changed hands on the NSE. However, the identity of the buyers and sellers could not be yet ascertained.
According to media reports, US private equity firm Bain Capital will sell half its holding in Hero MotoCorp, worth up to $393 million (about Rs 2,328 crore).
According to the term sheet prepared by Citibank, the banker for the deal, Bain will offload 4.29% stake in the Delhi-based company, selling 8.57 million shares through an accelerated book building offering, the Business Standard report suggests.
The stock opened at Rs 2,694 and touched a high of Rs 2,758 in morning deals on the NSE. A combined 7.81 million shares changed hands on the counter till 1412 hours on the NSE and BSE.
At 1350 hours, around 2.4 million shares representing 1.2% of Hero MotoCorp's total equity have changed hands at a price of Rs 2,642, the BSE data shows. While around 3.5 million shares (1.75% stake) of two-three wheelers maker have changed hands on the NSE. However, the identity of the buyers and sellers could not be yet ascertained.
According to media reports, US private equity firm Bain Capital will sell half its holding in Hero MotoCorp, worth up to $393 million (about Rs 2,328 crore).
According to the term sheet prepared by Citibank, the banker for the deal, Bain will offload 4.29% stake in the Delhi-based company, selling 8.57 million shares through an accelerated book building offering, the Business Standard report suggests.
The stock opened at Rs 2,694 and touched a high of Rs 2,758 in morning deals on the NSE. A combined 7.81 million shares changed hands on the counter till 1412 hours on the NSE and BSE.