Axis Bank block deal: 3 crore shares change hands as Bain Capital exits

Axis Bank block deal

Around 3.02 crore shares of Axis Bank changed hands in a block deal on the exchanges on April 9. Shares of Axis Bank rose a little over 1 percent after the block deal and at 10.07 am, were trading at Rs 1,080.90 on the NSE.

Even though the identify of the parties involved in the transaction couldn't be ascertained immediately, Moneycontrol wrote on April 8 that Bain Capital was looking to exit the private sector lender.

Bain Capital was eyeing $431 million from unloading it remaining stake of around 3.34 crore shares in the private lender. "The block deal has been launched by a few entities associated with Bain Capital and this is intended to be a clean up trade, marking a full exit of Bain Capital," a source said to Moneycontrol.

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"Integral Investments South Asia IV, BC Asia Investments VII and BC Asia Investments III are the selling entities," this source elaborated.

In November 2017, Bain Capital invested Rs 6,854 crore in Axis Bank as part of a Rs 11,626-crore capital raise through equity issuance and warrants. The investment turned out to be one of the biggest private equity infusion into the Indian banking sector. Since then, Bain Capital has been progressively reducing its stake in the lender through block deals.

Back in December last year, Moneycontrol had also reported that Bain Capital was looking to divest 1.1 percent stake in Axis Bank in a $444 million block deal.

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