Bain Capital To Sell 1.08% Stake Worth Rs 3,575 Crore In Axis Bank

Private equity firm Bain Capital is set to sell a 1.08 per cent stake, equating to 33.37 million shares, in Axis Bank valued at 3,575 crores on Tuesday via an open market transaction, as per a term sheet released by BofA Securities. 

The offer price has been set within the range of 1,071.0 to 1,076.05 per share, representing a modest discount at most to Monday’s closing price of 1,076.05 per share. BofA Securities India is the exclusive book-runner for the transaction. 

Bain Capital entities, Integral Investments South Asia IV, will sell 8.35 million shares, while BC Asia Investments VII and BC Asia Investments III fund will offload 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 divested a 1.1 per cent stake in the private sector lender through open market transactions in December for about 3,700 crores. 

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

With the proposed sale, Bain Capital will completely withdraw from the bank. 

Over the past five years, Axis Bank shares have surged by 43 per cent, compared to a 93 per cent increase in the benchmark Sensex and a 64 per cent rise in the BSE Bankex index.