New Delhi: US-based private equity firm Bain Capital Thursday offloaded 1.37 percent stake in the country's largest two-wheeler maker Hero MotoCorp for an estimated Rs 712 crore through an open market transaction.
Bain Capital sold a total of 27.50 lakh shares of Hero, according to bulk deal data available with stock exchanges.
The shares were sold at an average price of Rs 2,591.25, valuing the transaction at Rs 712.59 crore.
This marks a near exit of Bain Capital from the two-wheeler major.
As of September quarter, Bain Capital held 29.80 lakh shares, or 1.49 percent stake, in Hero.
Among the buyers of the shares include Morgan Stanley Asia (Singapore) PTE and Abu Dhabi Investment Authority.
Prior to that, the Boston-based firm had sold 4.3 percent stake in Hero for Rs 2,457 crore in November last year.
In June 2014, it had offloaded 56.18 lakh shares of the two-wheeler maker for Rs 1,481 crore.
Bain Capital, which has over USD 75 billion in assets under management, had invested Rs 2,500 crore in Hero in 2011.
Bain Capital had helped the Munjal family buy out Honda, their erstwhile joint venture partner.
Hero shares rose by 1.32 percent today to close at Rs 2,680.80 apiece on the BSE.
