Goldman, Morgan Stanley And Others Pick Up Bain Capital's Stake In Axis Bank

Bain Capital has divested its entire 3.33 crore shares in Axis Bank Ltd. on Thursday in the open market for Rs 3,566 crore.

The private equity giant sold 1.08% stake in the company for Rs 1,071 per piece, according to bulk deal data on the BSE.

Bain Capital held shares through its entities Integral Investments South Asia IV, BC Asia Investments VII Ltd., and BC Asia Investments III Ltd., respectively, according to a term sheet reviewed by NDTV Profit.

BC Asia Investment III Ltd. sold 1.02 crore shares, Integral Investment South Asia IV offloaded 0.84 crore shares and BC Asia Investments VII Ltd. sold 1.46 crore shares.

The buyers of the divested shares include Societe Generale, who bought 62.5 lakh shares (0.2%), Morgan Stanley Asia Singapore Pte that mopped up 42.25 lakh shares (0.13%) and Goldman Sachs (Singapore) Pte.-ODI that bought 36 lakh shares (0.11%). BofA Securities, Copthall Mauritius Investment, and Norges Bank Mirae Asset Mutual Fund were among the other buyers.

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 then, 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.