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Axis Bank stake sale: Bain Capital to sell 1.2% in bank for $410 million

Axis Bank stake sale: Bain Capital to sell 1.2% in bank for $410 million

Axis Bank stake sale: Bain Capital to sell 1.2% in bank for $410 million
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By Jomy Jos Pullokaran  Oct 31, 2022 8:46:57 PM IST (Updated)

Private equity player Bain Capital is likely to sell its stake in Axis Bank under a $410-million block deal, sources told CNBC-TV18. The floor price for the Axis Bank block deal is Rs 888 per share, which is a discount of up to 2 percent on the scrip's close on Monday.

Private equity player Bain Capital is likely to sell a 1.2 percent stake in Axis Bank under a $410-million (Rs 3,350 crore) block deal on Tuesday, November 1, sources privy to the developments told CNBC-TV18.

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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 is Rs 888 per share, which is 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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