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    Bain Capital likely sells 1.1% stake in Axis Bank via block deal

    Synopsis

    Bain Capital sold a 1.1% stake in Axis Bank for Rs 3,500 crore in a block deal. BofA Securities issued a term sheet, wherein Integral Investments South Asia IV, BC Asia Investments VII & III were looking to offload shares.

    Bain Capital likely sells 1.1% stake in Axis Bank via block dealAgencies
    Private equity firm Bain Capital on Tuesday likely sold a 1.1% stake in Axis Bank in a Rs 3,500 crore block deal. The bank stock, which has rallied 26% in the last one year, was trading flat following the deal.

    Global brokerage firm BofA Securities had yesterday issued a term sheet in which Bain Capital entities, Integral Investments South Asia IV were looking to offload 8.35 million shares, while BC Asia Investments VII and BC Asia Investments III fund wanted to sell 14.5 million and 10.5 million shares, respectively.

    A confirmation of the buyers and sellers could be known in the evening when exchanges release block deal data.

    The offer price was fixed in the range of Rs 1,071.0 to Rs 1,076.05 per share, representing a modest discount at best to Monday’s closing price of Rs 1,076.05 per share. BofA Securities India is the sole book-runner for the deal.

    Bain Capital acquired its stake in Axis Bank in November 2017. The private equity firm previously sold a 1.1% stake in the private sector lender through open market transactions in December for about Rs 3,700 crore.

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    In June, Bain Capital sold a 0.7% stake in Axis Bank at an average price of Rs 968 per share, aggregating Rs 2,178 crore. Prior to this, the private equity firm had sold a 1.2% stake in October 2022.

    With the proposed sale, Bain Capital will exit the bank completely.

    Over the last five years, Axis Bank shares have rallied by 43%, compared to a 93% surge in the benchmark Sensex and a 64% rise in the BSE Bankex index.


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    (You can now subscribe to our ETMarkets WhatsApp channel)

    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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