Axis Bank block deal: Bain Capital to sell a 1.24% stake in Axis Bank on Tuesday

Bain Capital will likely sell a 1.24% stake in Axis Bank worth $410 million (Rs 3,400 crore) on Tuesday through block deals, according to a term sheet issued by the banker JP Morgan. The floor price has been fixed at Rs 888 per share, a discount of 2% to Monday’s closing price of Rs 906.

Bain Capital held a 4.24% stake in

through its three funds – BC Asia Investments VII, BC Asia Investments III, and Integral Investments South Asia IV – as on September 30, 2022.

In November 2017, Boston-headquartered Bain led a consortium that invested $1.8 billion (Rs 11,626 crore) of “confidence capital” in the private lender to help shore up Axis Bank’s capital base after a string of disappointing earnings. The issue price of equity shares was Rs 525 per share, while the issue price of convertible warrants was Rs 565 per share. Bain Capital invested around Rs 6,854 crores during the private sector bank’s fundraising program.

Bain Capital and JP Morgan did not respond to ET’s query. The government sold 1.95% of Axis Bank in May last year to raise about Rs 4,000 crore. These shares were held by Specified Undertaking of The Unit Trust of India (SUUTI).