Bain Capital Plans $429 Million Stake Sale in Indian Lender Axis Bank

Bain Capital intends to divest a stake valued at $429 million in Axis Bank, an Indian private lender.

Having initially acquired shares in November 2017, Bain Capital plans to exit its entire holding through the upcoming stake sale.

Approximately 33.40 million shares of Axis Bank, equivalent to over 1% stake, will be sold by Bain Capital at an offer price ranging from 1,071 rupees to 1,076.05 rupees per share, as indicated in the term sheet.

The lower end of the offer price represents a 0.5% discount compared to the bank’s closing price on the preceding Monday.

This move follows Bain Capital’s prior sale of shares totaling $448 million in December, subsequent to partial divestment in November 2022.

BofA Securities India serves as the exclusive bookrunner for the transaction.

Despite Axis Bank’s shares having more than doubled since Bain Capital’s initial investment, they have experienced a 2.4% decline year-to-date.

CNBC-TV18 was the first to report this development on Monday.