Private equity company Bain Capital sells residual stake in Axis Bank | News on Markets

Private equity (PE) firm Bain Capital on Tuesday sold its remaining 1.08 per cent stake in private sector lender Axis Bank. The affiliate firms Bc Asia Investments and Integral Investments South Asia IV sold a total of 33.37 million shares at Rs 1,071 apiece to mop up Rs 3,575 crore, block deal data showed. 

 

Among the buyers were a clutch of domestic as well as foreign funds. 

 

Some of them include Societe Generale, Morgan Stanley, Goldman Sachs, and ICICI Prudential Mutual Fund. Shares of Axis Bank rose 0.5 per cent to close at Rs 1,081. The PE firm had invested Rs 6,854 crore in Axis Bank as part of a Rs 11,626-crore capital raising exercise in November 2017. 

 

It had picked up the stake at around Rs 525 per share. Since then, it has pared its holdings in several tranches. 

Ex-promoter sells Gland Pharma stake 

Nicomac Machinery and RP Advisory Services, entities connected to former promoter Ravi Penmetsa sold 4.93 per cent stake in Gland Pharma on Tuesday. They sold over 8 million shares in two tranches Rs 1,739 and Rs 1,735 apiece to mop up a total of Rs 1,411 crore. 

 

Shares of the drugmaker closed at Rs 1,801, down 3.3 per cent.                     

First Published: Apr 09 2024 | 11:09 PM IST