Bain Capital sells US$448 million stake in India’s Axis Bank
PRIVATE equity firm Bain Capital has sold a stake worth US$448 million in Indian private lender Axis Bank in a block trade on Wednesday (Dec 13), according to a term sheet seen by Reuters.
Bain affiliates BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV were offering 33.4 million shares, or a 1.1 per cent stake in Axis Bank, at 1,119.70 rupees per share, the term sheet showed.
The extent of Bain’s total stakeholding in India’s third-largest private lender was not immediately clear.
Societe Generale, Goldman Sachs, UBS and Morgan Stanley were among the buyers of Axis Bank shares on Wednesday as Bain sold its stake, exchange data showed.
The selling price was at a 1 per cent discount to the bank’s closing price on Tuesday.
Bain, which bought a stake in Axis Bank worth 68.54 billion rupees in November 2017, has sold several tranches of shares in the lender through block deals recently. It sold a 0.7 per cent stake in June this year after offloading some stake in November 2022.
Shares of Axis Bank have more than doubled since Bain first bought a stake in 2017, outperforming the Nifty Bank index over that period.
Axis Bank settled 1.4 per cent lower on Wednesday. Its shares have risen 19.5 per cent this year. REUTERS
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