$444 mn block deal likely in Axis Bank; Bain Capital plans to pare stake

Bain Capital entered Axis Bank in November 2017 and has been gradually diluting its stake via the block deal route. The Axis Bank stock has risen by 10. 3 percent in the last month

Ashwin Mohan

December 13, 2023 / 16:41 IST

Axis Bank: Private equity major Bain Capital is all set to sell a further stake in the private sector lender via a fresh block deal worth $444 million, multiple industry sources told Moneycontrol. Entities associated with Bain Capital are looking to sell a 1.1 percent stake via a block deal in Axis Bank, and the offer floor price is Rs 1,109 per share.

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Six years after making a big-bang entry into Axis Bank, private equity major Bain Capital is all set to sell a further stake in the private sector lender via a fresh block deal worth $444 million, multiple industry sources in the know told Moneycontrol.

In November 2017, in one of the largest private equity investments in the Indian banking sector as part of a Rs 11,626-crore capital raise via issuance of equity and warrants, Bain Capital invested Rs 6,854 crore in Axis Bank. The private equity fund has been gradually diluting its stake in tranches via the block deal route.

"Entities associated with Bain Capital are looking to sell a 1.1 per cent stake via a block deal in Axis Bank," said one of the persons cited above.

A second person told Moneycontrol that the offer floor price was Rs 1,109 per share with a discount of 1.95 per cent to the last closing price of Axis Bank at Rs 1,131 per share.

A third person also confirmed the plans for the fresh block deal by Bain Capital entities and added that investment bank Goldman Sachs was advising on the proposed transaction.