Bain Capital Sells $448m Stake in Axis Bank

Dec 14, 2023 | News

Private equity firm Bain Capital has sold a stake worth $448m in Indian private lender Axis Bank in a block trade on Wednesday, 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% stake in Axis Bank, at $13.44 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% discount to the bank’s closing price on Tuesday.

 

Bain, which bought a stake in Axis Bank worth $1.12bn in November 2017, has sold several tranches of shares in the lender through block deals recently. It sold a 0.7% stake in June this year after offloading some stake in November 2022.

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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% lower on Wednesday. Its shares have risen 19.5% this year.

 

Source: Business Standard

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