After 6 years, Bain Capital exits Axis Bank, sells 1% stake for Rs 3,574 crore (2024)

MUMBAI - Private equity major Bain Capital on Tuesday exited Axis Bank after selling the remaining 1% stake in the lender through the open market for Rs 3,574 crore.

Bain Capital, through its affiliates, BC Asia Investments III, Integral Investments South Asia IV, BC Asia Investments VII, sold 3,33,74,999 shares at Rs 1,071 a share, block deals data on BSE showed.

On Tuesday, Axis Bank shares ended 0.5% higher on the BSE at Rs 1,080.75.

Between October 2022 and December 2023, Bain Capital had sold around 3% stake in the private sector lender. In December last year, the US private equity major had sold 1.1% stake in Axis Bank for over Rs 3,700 crore.

In June last year, it had sold a 0.7% stake in Axis Bank at an average price of Rs 968 apiece, aggregating Rs 2,178 crore. Prior to this, the private equity firm had sold a 1.2% stake in October 2022.

In the last one year, Axis Bank shares have given over 26% returns to investors.

Several foreign and domestic institutional investors picked up a stake in Axis Bank through separate block deals.

Mirae Asset MF bought 14,14,565 shares for Rs 151 crore, T Rowe Price bought 2,01,954 shares for Rs 22 crore, Vanguard picked 1,19,979 shares for Rs 13 crore, BofA Securities acquired 30,06,000 shares for Rs 321 crore, Societe Generale picked 62,50,000 shares for Rs 669 crore, and Copthall Mauritius bought 15,50,000 shares for Rs 166 crore.

There were many more investors in the list including City of New York Group Trust, ICICI Prudential MF, Nippon India MF, Ghisallo Master Fund, Blackstone Master Fund, Morgan Stanley, Tara Emerging Asia Liquid Fund, and Nomura Funds.