Bain Capital has sold its entire stake in Axis Bank. The private equity major on Tuesday sold close to 3.34 crore shares of the private sector lender at an average price of Rs 1,076.05 per share.
The sale yielded nearly Rs 3,594 crore for Bain Capital. Bain had invested over Rs 6,850 crore in Axis Bank in November 2017.
That was part of a Rs 11,626-crore corpus the bank had raised through equity and warrants.
In December, Bain had sold 1.1 per cent stake in Axis bank through open market transactions for about Rs 3,700 crore. Prior to that it had offloaded shares in June 2023 and October 2022. Tuesday’s transaction accounted for a little over 1 per cent of Axis Bank’s equity.
Shares of Axis Bank on Tuesday closed at Rs 1,080.75 on the BSE, a gain of Rs 5.55, or 0.52 per cent, over the last close. During intra-day trades, it hit a high of Rs 1,094.
Data from the stock exchanges showed that the shares were acquired by Mirae Asset Mutual Fund, Morgan Stanley, T. Rowe Price New Asia Fund, BOFA Securities Europe, Societe Generale and Blackstone Aqua Master sub-fund among others.
During the third quarter ended December 31, Axis Bank had reported a 4.91 per cent growth in its consolidated net profit at Rs 6,491.66 crore.
On a standalone basis, it had posted a net profit of Rs 6,071 crore.
The quarter saw its core net interest income rising 9 per cent to Rs 18,087 crore, while non-interest income increased 22 per cent to Rs 5,555 crore. Total assets grew 14 per cent.
