The private equity firm is all set to exit Hero MotoCorp by selling its remaining shares in the two-wheeler major through a stock market transaction.
The private equity firm is all set to exit Hero MotoCorp by selling its remaining shares in the two-wheeler major through a stock market transaction.
Morgan Stanley has been appointed to manage the deal which is likely to be concluded on Friday.
Bain has around 1.5 per cent stake, or 29 lakh shares, in Hero MotoCorp, reports the financial newspaper.
The indicative price band is expected to be between Rs. 2,570 and Rs. 2,600.
Hero MotoCorps’ share price closed at Rs. 2,645 on the BSE on Tuesday.
In March 2011, Bain Capital had invested US$550 million (Rs. 2,500 crore) for an 8.6 per cent stake in Hero Investment Pvt Ltd.
The money was used by the Hero Group to buy out Honda’s 26 per cent stake in Hero Honda Motors Ltd. (since renamed Hero MotoCorp).
Since then Bain has sold Hero MotoCorp shares in the market twice for Rs. 4,000 crore.
Hero MotoCorp Ltd ended at Rs. 2645.8, up by Rs. 8.55 or 0.32% from its previous closing of Rs. 2637.25 on the BSE.
The scrip opened at Rs. 2659 and touched a high and low of Rs. 2667.7 and Rs. 2631 respectively. A total of 414005(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 52836.63 crore.
The BSE group 'A' stock of face value Rs. 2 touched a 52 week high of Rs. 3271.8 on 01-Dec-2014 and a 52 week low of Rs. 2252 on 08-May-2015. Last one week high and low of the scrip stood at Rs. 2683.8 and Rs. 2556.7 respectively.
The promoters holding in the company stood at 34.64 % while Institutions and Non-Institutions held 52 % and 13.36 % respectively.
The stock traded below its 200 DMA.
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