Bain Capital sells 4.3% stake in Hero MotoCorp for Rs 2,457 cr

Private equity firm Bain Capital India today 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 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 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 USD 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.
Hero Motocorp's shares ended lower by 1.99 per cent to settle at Rs 2,898.50 on the BSE, while the benchmark Sensex closed at 27,868.63 points, down 0.17 per cent.

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.