Bain Capital sells 0.54 pc stake in Axis Bank for Rs 1,487 cr

US-based private equity major Bain Capital on Tuesday divested 0.54 per cent stake in private sector lender Axis Bank for Rs 1,487 crore through an open market transaction.

According to bulk deal data available with BSE, the private equity firm sold 1,66,80,000 shares, amounting to 0.54 per cent stake in the company.

The shares were offloaded at an average price of Rs 891.38 a piece, taking the transaction size to Rs 1,486.82 crore.

As of September 2022, Bain Capital held 4.24 per cent stake in the lender through BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV, shareholding data with the BSE showed.

In November 2017, Axis Bank's board had approved a fundraise of Rs 11,626 crore from a set of marquee investors, including entities affiliated with Bain Capital Private Equity and the bank's promoter Life Insurance Corporation of India (LIC).

Entities affiliated with Bain Capital had proposed to invest Rs 6,854 crore in the private sector lender.

On Tuesday, shares of Axis Bank closed 3.76 per cent lower at Rs 871.75 on BSE.