Private equity firm Bain Capital completed the sale of a $448 million stake in private lender Axis Bank through a block trade on Wednesday, as reported in a Reuters term sheet.
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The stake, comprising 33.4 million shares or 1.1 per cent of Axis Bank, was offered by Bain affiliates BC Asia Investments VII, BC Asia Investments III, and Integral Investments South Asia IV for Rs 1,119.70 per share.
Details about the overall extent of Bain Capital’s remaining stake in Axis Bank were not immediately available.
The selling price represented a 1 per cent discount to Axis Bank’s closing price on the preceding Tuesday. Despite early session losses, Axis Bank shares recovered to trade 1.1 per cent lower on the day.
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Block deal data from stock exchanges indicated that approximately 33.4 million Axis Bank shares changed hands on Wednesday, though the identities of the buyers were not immediately disclosed.
Bain Capital had initially invested in Axis Bank in November 2017, purchasing a stake worth Rs 6,854 crore. The private equity firm has since divested several portions of its holdings, including a 0.7 per cent stake in June of the current year and some shares in November 2022.
It may be noted that Axis Bank’s shares have more than doubled in value since Bain’s initial investment in 2017, outperforming the Nifty Bank index over the same period.
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For the current year, the lender’s shares have seen an increase of nearly 19 per cent.
