Private equity firm Bain Capital has completed the sale of a $448 million stake in Indian private lender Axis Bank through a block trade, as revealed by a term sheet.
Affiliates of Bain Capital, including BC Asia Investments VII, BC Asia Investments III, and Integral Investments South Asia IV, offered 33.4 million shares, representing a 1.1% stake in Axis Bank, at a price of 1,119.70 rupees per share, according to the term sheet. The selling price marked a 1% discount to Axis Bank’s closing price on the preceding Tuesday. The shares of Axis Bank were 1.1% lower on Wednesday after initially experiencing losses.
The total extent of Bain Capital’s remaining stake in Axis Bank has not been immediately clarified. The private equity firm had acquired a stake in Axis Bank worth 68.54 billion rupees in November 2017. Over recent years, Bain Capital has divested portions of its stake in Axis Bank through block deals, including a 0.7% stake in June of the current year and some stake in November 2022.
Since Bain Capital’s initial investment in 2017, Axis Bank’s shares have more than doubled, outperforming the Nifty Bank index. The shares of Axis Bank have seen a rise of about 20% throughout the current year.