Bain Capital raised $400 million by selling a nearly 4 per cent stake in India's Hero MotoCorp , or about double its initial target, three sources with direct knowledge of the matter told Reuters.
Bain Capital sold 8.55 million shares, or nearly a 4 per cent stake, in India's biggest maker of motorcycle and scooters, the sources said, declining to be named as they were not authorised to speak to the media.
A term sheet seen by Reuters on Thursday had shown the U.S. private equity firm was planning to sell nearly 4.3 million shares in Hero MotoCorp, with an option to sell more.
The final size of the stake sale was higher due to "investor demand" said two of the sources.
The private equity fund will continue to hold "a little more than 1.5 per cent" in Hero MotoCorp after the stake sale, one of the sources added.
Bain Capital declined to comment, while a Hero MotoCorp spokesman was not immediately available for comment.