Bain Capital to promote $429mn stake in Axis – Instances of India

MUMBAI: Bain Capital plans to promote stake value $429 million in Indian personal lender Axis Financial institution on Tuesday, in line with a time period sheet seen by Reuters.
The personal fairness agency, which first bought shares within the financial institution in Nov 2017, will exit its whole holding with Tuesday’s stake sale, a supply conversant in the matter instructed Reuters.
Bain Capital will promote about 33.4 million shares of the lender – representing an over 1% stake – at a proposal worth within the vary of Rs 1,071-1,076 per share, the time period sheet confirmed.The decrease band of the supply worth is at a 0.5 % low cost to the financial institution’s closing worth on Monday. Bain Capital bought shares value $448 million in Axis Financial institution in Dec after having offloaded a few of its stake in Nov 2022.
BofA Securities India is the only real bookrunner for the deal. Bain Capital declined to remark, whereas Axis Financial institution and BofA Securities didn’t instantly reply to Reuters’ requests for remark.