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Bain to sell stake in Hero MotoCorp worth up to Rs 2318 Crore

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US private equity firm Bain Capital Partners LLC will sell its equity stake worth up to around Rs 2318 crore or $393 million ($1=Rs 59) in Hero MotoCorp Ltd, India's largest maker of motorcycles and scooters, according to a deal term sheet seen by Reuters.

Bain Capital, which holds a 8.6 percent stake in Hero MotoCorp through its unit BC India Pvt Investors, will sell up to half of its shares in open market transactions on Friday, the term sheet for the deal showed.

The private equity firm is offering the Indian company's shares in the indicative price band of Rs 2,582 to Rs 2,717 each, it said, a discount of as much as 5 percent from its closing price on Thursday.

Copyright: Thomson Reuters 2014

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