Bain Capital likely to sell 1.1% stake in Axis Bank via block deal: Report
Bain Capital is likely to sell a minor stake worth Rs 3,700 crore in Axis Bank through a block deal on Wednesday, according to media reports.
Entities owned by the private equity firm are likely to sell 3.34 crore shares, representing 1.1% stake in the lender.
The floor price for the sale has been set at Rs 1,109 a share, a discount of about 2% from the current market price.
On Tuesday, shares of Axis Bank ended 1.3% higher on the National Stock Exchange at Rs 1,131.
If the deal comes through, this will be the second time in 2023 that the private equity firm is selling a stake in the private sector lender.
In June, Bain Capital had sold 0.7% stake in Axis Bank at an average price of Rs 968 apiece, aggregating Rs 2,178 crore.
Prior to this, the private equity firm had sold 1.2% stake in October 2022.
The sale that took place in June saw many foreign portfolio investors pick up a stake in the lender.
Some of the prominent ones were Goldman Sachs, Morgan Stanley, Societe Generale, Kuwait Investment Authority, and Ghisallo Fund among others.
In November 2017, Boston-headquartered Bain Capital led a consortium that invested $1.8 billion in Axis Bank to help shore up the lender’s capital base. The consortium had invested capital at Rs 525 per share.
