Bain Capital to promote $429-million stake in Axis Financial institution, time period sheet reveals

Bain Capital plans to promote stake value $429 million in Axis Financial institution on Tuesday, based on a time period sheet seen by Reuters.

The personal fairness agency, which first bought shares within the financial institution in November 2017, will exit its complete holding with Tuesday’s stake sale, a supply acquainted with the matter informed Reuters.

Bain Capital will promote about 33.40 million shares of the lender, representing an over 1 per cent stake, at a proposal value within the vary of ₹1,071 rupees to ₹1,076.05 per share, the time period sheet confirmed.

The decrease band of the provide value is at a 0.5 per cent low cost to the financial institution’s closing value on Monday.

Bain Capital offered shares value $448 million in Axis Financial institution in December after having offloaded a few of its stake in November 2022.

BofA Securities India is the only bookrunner for the deal.

Bain Capital declined to remark, whereas Axis Financial institution and BofA Securities didn’t instantly reply to Reuters’ requests for remark.

Shares of Axis Financial institution have greater than doubled since Bain Capital first bought its stake, however are down 2.4 per cent up to now this 12 months.