Private investment firm Bain Capital will offload its stake worth $267 million in Axis Bank via a block deal, CNBC TV-18 reported on June 14, citing sources.
The offer price range for the block deal is likely to be Rs 966 to Rs 977.70, the persons privy to the development added. This would mark a discount of 0-1.4 percent as against the current market price.
Bain Capital is one of the minority shareholders in the private lender, with a total stake of 1.3 percent as per the last update shared with the exchanges. The US-based company, via the upcoming block deal, will sell 0.7 percent out of its 1.3 percent holding, as per the CNBC TV-18 report.
In the trading session on June 14, Axis Bank's shares traded in the red. The scrip settled at Rs 977.75 at the BSE, which was 0.88 percent lower as against the previous day's close.
In the quarter ending March 2023, the bank had registered a net loss of 5,728.42 crore, which was largely due to the buying cost of Citi Bank's India consumer business during the quarter.
The profit excluding the impact of the deal would have been Rs 6,625.29 crore for the quarter, a massive 61 percent growth against the reported profit of Rs 4,117.77 crore in the corresponding period last fiscal. The lender's net interest income, the difference between interest earned and interest expended, grew by 33.1 percent on-year to Rs 11,742.2 crore in the same period.
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