Bain Capital sells 1.08 pc stake in Axis Bank for Rs 3,574 cr

Bain Capital sells 1.08 pc stake in Axis Bank for Rs 3,574 cr

Private equity major Bain Capital on Tuesday divested a 1.08 per cent stake in private sector lender Axis Bank for Rs 3,574 crore through open market transactions.

Mirae Asset Mutual Fund (MF), ICICI Prudential MF, ICICI Prudential Life Insurance Company, Norges Bank, Morgan Stanley Asia Singapore Pte, Societe Generale, Blackstone, BofA Securities Europe SA were the buyers of Axis Bank shares.

Bain Capital through its affiliates, BC Asia Investments VII Ltd and Integral Investments South Asia IV sold more than 3.33 crore shares or 1.08 per cent stake in the Mumbai-based Axis Bank on the BSE.

According to the block deal data on the BSE, BC Asia Investments VII offloaded more than 2.50 crore shares of Axis Bank in 15 tranches, while Integral Investments South Asia IV sold 83.50 lakh shares of private lender in six tranches.

The shares were disposed of at an average price of Rs 1,071 apiece, taking the combined deal value to Rs 3,574.46 crore.

Edinburgh-based Baillie Gifford & Co, Copthall Mauritius Investment Ltd, Ghisallo Master Fund LP, Goldman Sachs (Singapore) Pte - ODI, and the Royal Bank of Scotland were also the buyers of shares of Axis Bank.

On Tuesday, shares of Axis Bank gained 0.52 per cent to close at Rs 1,080.75 apiece on the BSE.

Last year in December, Bain Capital sold shares of Axis Bank for Rs 3,737 crore.

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

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)