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 Rs 2,570 and Rs 2,600 each, IFR, a Thomson Reuters publication, said.
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.
An external spokesman for Bain Capital in India did not immediately reply to a request seeking comment.
Hero shares ended 0.3 per cent higher on Tuesday at Rs 2,645.35. The Indian markets are shut on Wednesday for a holiday.
Morgan Stanley is the sole bookrunner for the deal, IFR said.