© Reuters. Brochures are seen at a department of Axis Financial institution in Mumbai, India, January 22, 2018. REUTERS/Danish Siddiqui/File picture
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BENGALURU (Reuters) -Non-public fairness agency Bain Capital offered a stake value $448 million in Indian personal lender Axis Financial institution in a block commerce on Wednesday, based on a time period sheet seen by Reuters.
Bain associates BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV offered 33.4 million shares, or a 1.1% stake in Axis Financial institution, at 1,119.70 rupees per share, the time period sheet confirmed, with out offering a motive for the sale.
The ultimate value was a 1% premium to the ground value when the deal launched and 1% low cost to the inventory’s earlier day shut.
The deal was the second sell-down of Axis Financial institution shares by Bain this yr, after a $265 million block representing a 0.7% stake within the firm was traded in June.
The block commerce was carried out by Goldman Sachs.
Societe Generale (OTC:), Goldman Sachs, UBS and Morgan Stanley had been among the many patrons of Axis Financial institution shares on Wednesday as Bain offered its stake, change knowledge confirmed.
Bain, which purchased a stake in Axis Financial institution value 68.54 billion rupees in November 2017, had additionally offloaded a few of its stake in November 2022.
Shares of Axis Financial institution have greater than doubled since Bain first bought its stake, outperforming the Nifty Financial institution index over that interval.
Axis Financial institution closed 1.4% decrease on Wednesday following the sale of the stake, which was carried out earlier than the market opened. Its shares have risen 19.5% this yr.
