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Axis Bank shares tank after Bain Capital sells 1.3% stake in bank

Axis Bank shares tank after Bain Capital sells 1.3% stake in bank

Axis Bank shares tank after Bain Capital sells 1.3% stake in bank
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By Nimesh Shah  Nov 1, 2022 1:16:31 PM IST (Updated)

A CNBC-TV18 newsbreak has been confirmed. There has been a large trade in the Axis Bank stock where Bain Capital has sold 1.4 crore shares changed hands at an average of Rs 894 per share.

Axis Bank shares have opened under pressure after private equity player Bain Capital sold 1.3 percent stake in the bank under a Rs 3,654 crore block deal on Tuesday, November 1, as per a release to exchanges. 1.4 crore shares changed hands at an average of Rs 894 per share.

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It is noteworthy that the three Bain Capital affiliates — BC Asia Investments VII, BC Asia Investments III, and Integral Investments South Asia IV — collectively hold a 4.27 percent stake in Axis Bank under the FDI (foreign direct investment) category.
The floor price for the Axis Bank block deal was Rs 888 per share, which was a discount of up to 2 percent on the scrip's close on Monday, October 31, in the block deal. JP Morgan is the broker of the deal.
In 2017, Bain Capital picked up a stake of 4.8 percent in Axis Bank for Rs 6,854 crore.
Shares of Axis Bank ended at Rs 905.85, up by Rs 2.85, or 0.32 percent on the BSE.
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