Global brokerage firm BofA Securities had yesterday issued a term sheet in which Bain Capital entities, Integral Investments South Asia IV were looking to offload 8.35 million shares, while BC Asia Investments VII and BC Asia Investments III fund wanted to sell 14.5 million and 10.5 million shares, respectively.
A confirmation of the buyers and sellers could be known in the evening when exchanges release block deal data.
The offer price was fixed in the range of Rs 1,071.0 to Rs 1,076.05 per share, representing a modest discount at best to Monday’s closing price of Rs 1,076.05 per share. BofA Securities India is the sole book-runner for the deal.
Bain Capital acquired its stake in Axis Bank in November 2017. The private equity firm previously sold a 1.1% stake in the private sector lender through open market transactions in December for about Rs 3,700 crore.
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In June, Bain Capital sold a 0.7% stake in Axis Bank at an average price of Rs 968 per share, aggregating Rs 2,178 crore. Prior to this, the private equity firm had sold a 1.2% stake in October 2022.
With the proposed sale, Bain Capital will exit the bank completely.
Over the last five years, Axis Bank shares have rallied by 43%, compared to a 93% surge in the benchmark Sensex and a 64% rise in the BSE Bankex index.