Bain Capital exits Axis Bank, raises $429 million in stake sale
Reuters
Published Apr 09, 2024 03:39AM ET
Updated Apr 09, 2024 10:46AM ET
By Scott Murdoch
SYDNEY (Reuters) -Bain Capital has sold its entire stake in Axis Bank at 1,071 rupees ($12.87) per share to raise $429 million, according to exchange data.
Morgan Stanley Asia Singapore, BofA Securities Europe and Societe Generale (OTC:SCGLY) together bought a 0.4% stake in Axis Bank through Bain's sale.
Other buyers included Goldman Sachs, Nomura, Norges, ICICI Prudential and Mirae Asset.
Bain sold 33.4 million shares in the block trade, according to a term sheet reviewed by Reuters.
The final price was at the bottom of the price range of 1,071 rupees to 1,076.05 rupees given to prospective investors and was a 0.5% discount to the stock's closing price on Monday.
The deal means Bain Capital has exited its equity stake in the Indian private lender. It first bought into the company in 2017.
($1 = 83.1850 Indian rupees)
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Written By: Reuters
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