Shares of Axis Bank on Wednesday ended with losses of over 1.40 per cent after a huge block deal was struck in the counter.
The transaction saw Bain Capital offloading part of its stake in the private sector lender.
According to block deal data available on the NSE, it jointly sold 25,024,706 shares at an average price of Rs 1119.70 per share.
While 1,04,70,588 shares were sold by BC Asia Investments III, 1,45,54,118 shares were offloaded by BC Asia Investments VII. At this price, the transaction value worked out to Rs 2,802 crore.
A host of institutions purchased these shares. These included Goldman Sachs, Fidelity, ICICI Prudential Life Insurance Company, Morgan Stanley Funds UK, Bajaj Allianz Life Insurance, City of New York Group Trust, Danske Invest Sicav-Global Emerging Markets and FIAM Group Trusts.
Following the transaction, shares of the lender ended at Rs 1,115.05 on the BSE, a drop of 1.42 per cent, or Rs 16.05, over the last close. This is not the first time that Bain Capital is selling the stake.
In June it had sold 0.7 per cent in Axis Bank at an average price of Rs 968 per share before which it sold 1.2 per cent stake in October last year.
It was in November 2017 that Bain along with other investors put $1.8 billion in Axis Bank.
During the second quarter ended September 30, the lender had reported a 10 per cent rise in net profit at Rs 5,864 crore. It had posted a net profit of Rs 5,329 crore in the same quarter of the previous year.
The quarter saw its provisioning rising to Rs 815 crore, up from Rs 550 crore in the year-ago period.
The bank’s core net interest income (NII) grew 19 per cent over the previous year to Rs 12,315 crore.
