Over 2 Crore Axis Bank Shares Change Hands In Block Deal, Bain Capital Likely Seller

2.25 crore shares of the lender worth Rs 2,178 crore changed hands at an average of Rs 968 per share.

Shares of Axis Bank changed hands in a block deal on Thursday. 2.25 crore shares or 0.6 percent equity of the lender worth Rs 2,178 crore changed hands at an average of Rs 968 per share.

The buyers and sellers in the deal are not officially know, however, Bain Capital is the likely seller. There is expected be a lock-in period of 90 days before Bain Capital can further dilute its stake in Axis Bank.

CNBC-TV18 on Wednesday reported, quoting sources, that the Boston-based private equity firm, Bain Capital, was planning to sell stake in Axis Bank for up to $267 million. The transaction was expected to be done at a floor price of Rs 964-977.70 per share.

The move comes as Bain Capital aims to divest a portion of its total 1.3 percent holding in the Indian financial institution through a block deal. The private equity firm held stake in the lender via its fund BC Asia Investments VII. Post this deal, Bain Capital\'s holding will fall to 0.7 percent. 

First Published: Jun 14, 2023 7:50 PM IST