Bain Capital Plans $429 Million Stake Sale in Axis Bank, According to Term Sheet

Photo : Financial Express

In December, Bain Capital divested shares valued at $448 million in Axis Bank, marking a significant transaction in the banking sector. Now, the private equity firm is planning to sell off its stake worth $429 million in Axis Bank on Tuesday, as per a term sheet seen by Reuters. Bain Capital initially acquired shares in the bank back in November 2017.

The stake sale on Tuesday will see Bain Capital exiting its entire holding in Axis Bank. The firm intends to sell about 33.40 million shares of the lender, constituting over 1 per cent stake, at an offer price ranging from ₹1,071 to ₹1,076.05 per share, according to the term sheet. The lower end of the offer price represents a 0.5 per cent discount to the bank's closing price on Monday.

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This move follows Bain Capital's previous share sale in December 2022, where it offloaded shares worth $448 million after reducing some of its stake in November of the same year.

BofA Securities India has been appointed as the sole bookrunner for the deal. While Bain Capital declined to comment on the matter, neither Axis Bank nor BofA Securities immediately responded to Reuters' requests for comment.

Despite the impending sale, shares of Axis Bank have shown remarkable growth, having more than doubled since Bain Capital first acquired its stake. However, the shares have witnessed a 2.4 per cent decline since the beginning of the year.

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