Bain Capital Looks To Sell Entire Stake In Axis Bank Worth $430 Million Via Block Deal

Bain Capital is looking to sell its entire stake in Axis Bank Ltd. through a block deal.

The private equity giant is looking to exit via its entities Integral Investments South Asia IV, BC Asia Investments VII Ltd., and BC Asia Investments III Ltd. All three hold 83.5 lakh shares, 1.45 crore shares and 1.04 crore shares, respectively, according to a term sheet reviewed by NDTV Profit.

The block deal size is around $430 million. The floor price is in the range of Rs 1,071-Rs 1,076 per share, which is at a discount of 0.0%-0.47% to the last close of Rs 1,076.05 per share.

In terms of the number of shares, the deal comprises up to 33.37 million shares. The offering type is 100% secondary placement, according to the term sheet.

It also mentioned that Bank of America is the advisor on the proposed block trade, which is expected on Tuesday.

Bain Capital, in November 2017, invested Rs 6,854 crore in Axis Bank. This was part of the latter's capital raise worth Rs 11,626 crore, via issuance of equity and warrants.

Ever since that, Bain has been slowly diluting its stake in Axis Bank. Even in June 2023, it sold 0.75% stake in Axis Bank for approximately Rs 2,150 crore. The offer price ranged from Rs 964-Rs 977.7 per share.

Bain Capital declined to comment on queries shared by NDTV Profit, while those sent to Axis Bank and BoFA did not immediately elicit a response.