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Private equity firm Bain Capital will offload its remaining 1.08 per cent stake (33.37 million shares) in private sector lender Axis Bank. The clean-up trade will be executed on Tuesday.
The price range for the share sale has been set at Rs 1,071 – Rs 1,076 per share, a discount of up to 0.47 per cent to Axis Bank’s last close of Rs 1,076 per share. At the lower range, the PE major will be able to raise Rs 3,574 crore ($429 million). BofA Securities India is the sole investment bank handling the transaction.
In December, Bain Capital had sold a similar quantity of shares at Rs 1,120 to raise $448 million. The PE firm holds a stake via affiliates BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV. Shares of Axis Bank are down nearly 2 per cent year-to-date, underperforming the Nifty which has gained 4.3 per cent. Bain Capital invested Rs 6,854 crore in Axis Bank as part of an 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.
First Published: Apr 08 2024 | 10:37 PM IST
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