Bain Capital to sell $429-million stake in Axis Bank, term sheet shows

Bain Capital sold shares worth $448 million in Axis Bank in December [View in browser]( [See all newsletters]( 09 April 2024 Bain Capital to sell $429-million stake in Axis Bank, term sheet shows Bain Capital plans to sell stake worth $429 million in [Axis Bank]( Tuesday, according to a term sheet seen by Reuters. The private equity firm, which first purchased shares in the bank in November 2017, will exit its entire holding with Tuesday's stake sale, a source familiar with the matter told Reuters. Bain Capital will sell about 33.40 million shares of the lender, representing an over 1 per cent stake, at an offer price in the range of ₹1,071 rupees to ₹1,076.05 per share, the term sheet showed. The lower band of the offer price is at a 0.5 per cent discount to the bank's closing price on Monday. Bain Capital sold shares worth $448 million in Axis Bank in December after having offloaded some of its stake in November 2022. BofA Securities India is the sole bookrunner for the deal. Bain Capital declined to comment, while Axis Bank and BofA Securities did not immediately respond to Reuters' requests for comment. Shares of Axis Bank have more than doubled since Bain Capital first purchased its stake, but are down 2.4 per cent so far this year. You Might Also Like [Indices vault to new highs, BSE market cap hits ₹400-lakh crore]( [Markets]( [Indices vault to new highs, BSE market cap hits ₹400-lakh crore]( [As gold soars to new high, demand dwindles]( [Gold & Silver]( [As gold soars to new high, demand dwindles]( [Mudra loans see record surge, top ₹5-lakh-cr mark in FY24]( [News]( [Mudra loans see record surge, top ₹5-lakh-cr mark in FY24]( [RBI decision to hold lending rates steady to hit auto sales, especially entry-level vehicles, say dealers]( [Economy]( [RBI decision to hold lending rates steady to hit auto sales, especially entry-level vehicles, say dealers]( Stay informed Subscribe to businessline to stay up-to-date with in-depth business news from India [arrow]( Copyright @ 2024, THG PUBLISHING PVT LTD. If you are facing any trouble in viewing this newsletter, please try [here]( Manage your newsletter subscription preferences [here]( If you do not wish to receive such emails go [here](