Bain Capital selling Hero MotoCorp shares to raise $116 mn

US private equity firm Bain Capital is selling shares in Hero MotoCorp Ltd, the world's largest seller of motorcycles and scooters, to raise $116 million, IFR reported, citing a person close to the deal.

Bain launched the deal to sell 2.98 million Hero shares late on Tuesday in the indicative price band of between Rs2,570 and Rs2,600 each, IFR, a Thomson Reuters publication, said.

A spokesman for Hero, which sells about one in every two motorbikes in India - mainly to rural customers - could not immediately be reached for comment, Reuters said, adding that an external spokesman for Bain Capital in India also did not immediately reply to a request seeking comment.

Hero shares ended 0.3 per cent higher on Tuesday at Rs2,645.35. The Indian markets are shut on Wednesday for a holiday.

Morgan Stanley is the sole bookrunner for the deal, IFR said.