Mumbai: Controlling shareholders of Hero MotoCorp Ltd, India`s biggest maker of motorcycles and scooters, plan to sell $300 million worth of shares later in the day, according to a term sheet seen by Reuters.
Brij Mohan Lal Om Prakash would sell nearly 7 million shares in India`s biggest maker of motorcycles and scooters in open market transactions on Wednesday, the term sheet for the deal showed.
The block deal if successful would pare the promoters` stake to 36.92 percent from 39.92 percent.
The shares are offered at an indicative price band of 2,664 rupees to 2,720 rupees, the term sheet showed, a discount of as much as 5 percent from its Monday`s closing price of 2,805 rupees.
Kotak and Barclays are the bankers to the deal, the term sheet added.
