Shares of Axis Bank Ltd rose close to 2 per cent to Rs 1094 during the trading session on Tuesday amid the reports block deal by Bain Capital. The heavy trading volumes on the exchanges suggested that the deal was executed early in the session.
According to the media reports, Bain Capital was looking to offload 3.34 crore equity shares of the private lender amounting to about $430 million (roughly around Rs 3,580 crore). BofA Securities is the advisor or manager to the block deal.
According to the data from BSE, about 3.35 crore shares of Axis Bank amounting to around Rs 3,590 crore were traded as of 9.30 am on Tuesday. Similarly, 27.4 lakh equity shares amounting to Rs 295.70 crore exchanged hands on NSE. However, Business Today could not verify the details of buyers and sellers as of writing this report.
Bain Capital was reported to offer Axis Bank shares for Rs 1,071-Rs 1,076.05 per share in the block deal, which is close to previous close at Rs 1075.20 on Monday. According to Moneycontrol, Integral Investments South Asia IV, BC Asia Investments VII and BC Asia Investments III are the selling entities, which are associated with Bain Capital.
The US-based private equity player is likely to completely exit the lender after more than six years of investment in the lender, reported Moneycontrol. In November 2017, Bain Capital had invested more than Rs 6,854 crore in the Axis Bank.
Prior to this, Bain Capital had sold 1.1 per cent stake in Axis Bank for more than Rs 3,700 crore in December 2023 and 0.7 per cent stake in June 2023. The private equity firm also sold 1.2 per cent stake in October 2022. Shares of Axis Bank have delivered a return of more than 26 per cent to the investors.
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Read More: Axis Bank shares rise 2% amid reported $430 mn block deal by Bain Capital