Bain selling Hero MotoCorp shares worth up to $116 mn?

US private equity firm Bain Capital is selling shares in Hero MotoCorp Ltd, the world's largest seller of motorcycles and scooters, to raise as much as $116 million, IFR reported, citing a person close to the deal.

Bain launched the deal to sell 2.98 million Hero shares late on Tuesday in the indicative price band of between 2,570 rupees and 2,600 rupees each, IFR, a Thomson Reuters publication, said.

Bain Capital declined to comment on the matter.

A spokesman for Hero, which sells about one in every two motorbikes in India - mainly in the countryside, could not immediately be reached by Reuters for comment.

Hero shares ended 0.3 percent higher on Tuesday at 2,645.35 rupees. The Indian markets are shut on Wednesday for a holiday.

Morgan Stanley is the sole bookrunner for the deal, IFR said.