Bain Capital to sell 1.08% stake in Axis Bank on Tuesday

Bain Capital is set to sell 33.37 million shares of Axis Bank worth Rs 3,575 crore on Tuesday through an open market transaction, according to a term sheet issued by BofA Securities.

The offer price has been fixed in the range of Rs 1,071.0 to Rs 1,076.05 per share, representing a 0.0% to 0.47% discount to Monday’s closing price of Rs 1,076.05 per share. BofA Securities India is the sole bookrunner for the deal.

Integral Investments South Asia IV will offload 8.35 million shares, while BC Asia Investments VII and BC Asia Investments III will sell 14.5 million and 10.5 million shares, respectively.

Bain Capital acquired its stake in Axis Bank in November 2017. The private equity firm previously sold a 1.1% stake in Axis Bank through open market transactions in December for about Rs 3,700 crore.

In June, Bain Capital sold a 0.7% stake in Axis Bank at an average price of Rs 968 per share, aggregating Rs 2,178 crore. Prior to this, the private equity firm had sold a 1.2% stake in October 2022.

Over the last five years, Axis Bank shares have rallied by 43%, compared to a 93% surge in the benchmark Sensex and a 64% increase in the BSE Bankex index.