Bain Capital sells 56 lakh shares of Hero for Rs 1,481 crore

Jun 13 2014, 21:17 IST
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Shares of the auto company fell by 4.42 per cent to close at Rs 2,588.85 apiece on the BSE. Shares of the auto company fell by 4.42 per cent to close at Rs 2,588.85 apiece on the BSE.
SummaryBain Capital sold 32.08 lakh shares of Hero MotoCorp on NSE and another 24.09 lakh scrips of the auto firm on BSE, taking the total to 56.18 shares.

Private equity firm Bain Capital India today offloaded over 56 lakh shares in Hero MotoCorp for an estimated Rs 1,481 crore through an open market route.

Bain Capital sold 32.08 lakh shares of Hero MotoCorp on the NSE and another 24.09 lakh scrips of the auto firm on the BSE, taking the total to 56.18 shares, according to data available with the stock exchanges.

The shares were offloaded at an average price of Rs 2,636.45 per scrip, valuing the transaction at Rs 1,481.18 crore.

Bain Capital owned 8.58 per cent stake, or 1.71 crore shares, in Hero MotoCorp at the end of the March quarter.

Meanwhile, in a separate bulk deal, Goldman Sachs Singapore Pte picked up 10.45 lakh shares of Hero MotoCorp for Rs 275.41 crore.

Yesterday, BMOP (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."

Bain Capital has over USD 75 billion in assets under management.

Shares of the auto company today fell by 4.42 per cent to close at Rs 2,588.85 apiece on the BSE.

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