Bain Capital plans to pare stake in Axis Bank via $444 million block deal

13 Dec 2023 , 09:18 AM

Six years after making a big-bang entry into Axis Bank, private equity firm Bain Capital is ready to sell a further stake via a block deal worth $444 million in the private sector lender.

In November 2017, Bain Capital invested Rs 6,854 crore in Axis Bank as part of a Rs 11,626-crore capital raising via issue of shares and warrants, making it one of the largest private equity investments in the Indian banking sector. The private equity firm has steadily reduced its ownership in tranches under the block deal process.

The offer floor price has been fixed at Rs 1,109 per share with a discount of 1.95% to the last closing price of Axis Bank at Rs 1,131 per share.

Reports suggested the preparations for the new block deal by Bain Capital companies and said that investment bank Goldman Sachs was advising on the planned transaction.

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