Bain Capital raises $429 million with Axis Bank stake sale, source says
Bain Capital has sold its Axis Bank stake at 1,071 rupees ($12.87) per share to raise $429 million, according to a source with direct knowledge of the matter.
has sold its stake at 1,071 rupees ($12.87) per share to raise $429 million, according to a source with direct knowledge of the matter.The source could not be identified due to the confidential nature of the information.
Bain declined to comment and Axis did not immediately respond to a request for comment.
Bain sold 33.4 million 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 stake in the Indian private lender. It first bought into the company in 2017.
($1 = 83.1850 Indian rupees) (Reporting by in Sydney; additional reporting Kane Wu in Hong Kong; Editing by Jacqueline Wong, Kirsten Donovan)
Source: Stocks-Markets-Economic Times
