SINGAPORE: 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 INR 2,570 and INR 2,600 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 for comment. Hero shares ended 0.3 per cent higher on Tuesday at INR 2,645.35.