Bain Capital to sell a 1.24% stake in Axis Bank on Tuesday

Bain Capital will most likely sell a 1.24% stake in Axis Bank worth $410 million (Rs three,400 crore) on Tuesday by way of block offers, according to a term sheet issued by the banker JP Morgan. The floor price tag has been fixed at Rs 888 per share, a discount of two% to Monday’s closing price tag of Rs 906.

Bain Capital held a four.24% stake in

by way of its 3 funds – BC Asia Investments VII, BC Asia Investments III, and Integral Investments South Asia IV – as on September 30, 2022.

In November 2017, Boston-headquartered Bain led a consortium that invested $1.eight billion (Rs 11,626 crore) of “confidence capital” in the private lender to support shore up Axis Bank’s capital base following a string of disappointing earnings. The situation price tag of equity shares was Rs 525 per share, when the situation price tag of convertible warrants was Rs 565 per share. Bain Capital invested about Rs six,854 crores for the duration of the private sector bank’s fundraising plan.

Bain Capital and JP Morgan did not respond to ET’s query. The government sold 1.95% of Axis Bank in May final year to raise about Rs four,000 crore. These shares had been held by Specified Undertaking of The Unit Trust of India (SUUTI).