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Bain capital sells 0.7% stake in Axis Bank

June 16, 2023

Bain capital sells 0.7% stake in Axis Bank
Private investment firm Bain Capital has sold partial stake in private lender Axis Bank via block deal on Thursday, while many domestic and foreign funds lapped up the shares.

According to block deal data available with the exchanges, Bain Capital has sold 2.25 crore shares or 0.7% stake in the lender at a weighted average price of ₹968 apiece. Through the stake sale, the investment giant has bagged about ₹2,178 crore. This is the second time in less than a year that Bain Capital pared its stake in the bank. In October last year, the investment firm had sold 1.2% stake.
 
Bain Capital, through its affiliate BC Asia Investment VII, held 1.3% stake in Axis Bank, as of March quarter.
 
In November 2017, the Boston-headquartered private equity firm led a consortium that invested $1.8 billion in the private lender to help shore up the bank’s capital base. The consortium had invested capital at ₹525 per share. Bain Capital invested around ₹6,854 crore during the private sector bank’s fundraising programme.
 
Further, a number of domestic and foreign institutions have bought stakes in the bank as part of the block deal on Thursday, including Morgan Stanley, Goldman Sachs, Harford, Kuwait Investment Authority, Nomura, Bajaj Allianz Life Insurance among others.
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