Controlling shareholders of Hero MotoCorp Ltd, India's biggest maker of motorcycles and scooters, plan to sell $300 million worth of shares later in the day, according to a term sheet seen by Reuters.
Brij Mohan Lal Om Prakash would sell nearly 7 million shares in India's biggest maker of motorcycles and scooters in open market transactions on Wednesday, the term sheet for the deal showed.
The block deal if successful would pare the promoters' stake to 36.92 percent from 39.92 percent.
The shares are offered at an indicative price band of 2,664 rupees to 2,720 rupees, the term sheet showed, a discount of as much as 5 percent from its Monday's closing price of 2,805 rupees.
Kotak and Barclays are the bankers to the deal, the term sheet added.