Bain Capital Offloads $448 Mn Stake In India's Axis Bank
Bain Capital, a private equity firm, conducted a block trade selling a USD 448 million stake in India's private lender, Axis Bank, as per a term sheet reviewed by a media house.
Affiliates of Bain, including BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV, offloaded 33.4 million shares, equal to a 1.1 per cent stake in Axis Bank, at a rate of 1,119.70 rupees per share. The term sheet did not disclose the motive behind the sale.
The final price marked a 1 per cent premium over the floor price at launch but represented a 1 per cent discount from the stock's previous day closing price.
This sale follows Bain's earlier sell-off this year when a USD 265 million block, accounting for a 0.7 per cent stake, was traded in June. Goldman Sachs facilitated this recent block trade.
Exchange data revealed that Societe Generale, Goldman Sachs, UBS and Morgan Stanley were among the purchasers of Axis Bank shares during Bain's stake sale.
Having initially invested 68.54 billion rupees in Axis Bank back in November 2017, Bain had previously reduced its stake in November 2022.
Axis Bank's shares have more than doubled since Bain's initial investment, surpassing the Nifty Bank index performance during this period.
However, following the stake sale carried out before the market opened, Axis Bank's shares closed 1.4 per cent lower on Wednesday. Nonetheless, the shares have witnessed a 19.5 per cent rise this year.
