Bain Capital sells $448 million stake in India's Axis Bank
BENGALURU (Reuters) -Private equity firm Bain Capital sold a stake worth $448 million in Indian private lender Axis Bank in a block trade on Wednesday, according to a term sheet seen by Reuters.
Bain affiliates BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV sold 33.4 million shares, or a 1.1% stake in Axis Bank, at 1,119.70 rupees per share, the term sheet showed, without providing a reason for the sale.
The final price was a 1% premium to the floor price when the deal launched and 1% discount to the stock's previous day close.
The deal was the second sell-down of Axis Bank shares by Bain this year, after a $265 million block representing a 0.7% stake in the company was traded in June.
The block trade was carried out by Goldman Sachs.
Societe Generale, Goldman Sachs, UBS and Morgan Stanley were among the buyers of Axis Bank shares on Wednesday as Bain sold its stake, exchange data showed.
Bain, which bought a stake in Axis Bank worth 68.54 billion rupees in November 2017, had also offloaded some of its stake in November 2022.
Shares of Axis Bank have more than doubled since Bain first purchased its stake, outperforming the Nifty Bank index over that period.
Axis Bank closed 1.4% lower on Wednesday following the sale of the stake, which was carried out before the market opened. Its shares have risen 19.5% this year.
(Reporting by Nishit Navin in Bengaluru and Scott Murdoch in Sydney; Editing by Janane Venkatraman, Mrigank Dhaniwala and Jamie Freed)
