Bain Capital sold a 1.1% stake in Axis Bank for Rs 3,500 crore in a block deal. BofA Securities issued a term sheet, wherein Integral Investments South Asia IV, BC Asia Investments VII & III were looking to offload shares.
Bain Capital is offering Axis Bank shares for Rs 1,071-Rs 1,076.05 a share. The private equity firm will exit the lender after more than six years of its investment in the latter.
In November 2017, Boston-headquartered Bain Capital led a consortium that invested $1.8 billion in Axis Bank to help shore up the lenders capital base. The consortium had invested capital at Rs 525 per share. Bain Capital invested around Rs 6,854 crore.
Axis Bank block deal: Three sellers entities namely BC Asia Investments VII, BC Asia Investments III and Integral Investment South Asia IV will sell $444 million worth Axis Bank shares. The floor price is set at Rs 1,109 apiece.