Bain Capital raises $400m in Hero share sale

The private equity firm doubled the amount it sought to raise from sale of shares in the Indian motorcycle manufacturer.

Bain Capital raised $400 million in an accelerated block in Indian motorcycle manufacturer Hero MotoCorp on Friday, twice the amount of the original base deal.

The private equity firm initially sought to raise $200 million by selling 4.3 million shares at a price range of Rs2,859.58 to Rs2.963.30 per unit. The shares priced towards the bottom end of the initial range at Rs2,874, a 3% discount to the November 5 close of Rs2,963 per share.

Strong demand allowed Bain to exercise the upsize option and increase the number of shares on offer to 8.54 million, netting the private equity firm $400 million from the share sale....

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