Bain Capital sells 5.62 mn shares in Hero MotoCorp for Rs1,481 crore
13 June 2014
In a major profit-taking attempt private equity firm Bain Capital Partners LLC on Friday sold a little over 5.6 million shares of two-wheeler maker Hero MotoCorp Ltd to raise around Rs1,481 crore.
Bain Capital sold 3.21 million shares of Hero MotoCorp on the NSE and another 2.41 million scrips of the auto firm on the BSE, at Rs2,636 each, through an open market route, taking the total to 5.62 million shares, according to data available with the stock exchanges
The coordinated sale deal on the exchanges showed timing of around 1.45 pm. The PE firm's arm BC India Pvt Investors held 8.58 per cent stake, or over 17 million shares, in Hero MotoCorp at the end of the March quarter.
Meanwhile, in a separate bulk deal, Goldman Sachs Singapore Pte picked up 1.05 million shares of Hero MotoCorp for Rs275.41 crore.
On Thursday, Brij Mohan Lall Om Prakash, the investment arm of the Brijmohan Lal-led Hero Group, said in a statement: "Bain Capital has been an investor in Hero MotoCorp for over three-and-a-half years now. Typically financial investors like Bain Capital have a 3-5 year investment horizon and Bain has decided to partially monetise their investment now."
The two-wheeler company's stock closed at Rs2,585 on the BSE and NSE, down around 5 per cent.