Bain Capital Sells 1.24% Of Axis Bank Stake


Private equity investor Bain Capital will sell a 1.24 per cent stake in private lender Axis Bank via a block trade today, which is expected to fetch the investor $410 million. As of 30 September, Bain Capital holds a 4.24 per cent stake in Axis Bank through three entities – BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV.

According to the deal term, BC Asia Investments VII is selling a 1.24 per cent stake at a floor price of Rs 888, a 2 per cent discount to the last closing price of Rs 906 per share. JPMorgan is the advisor to the block trade. Bain Capital invested about Rs 6,854 crore and picked up the stake in Axis Bank in November 2017.

India’s third largest private sector lender, Axis Bank, reported a consolidated net profit of Rs5,330 crore, up by 70 per for the 3QFY23 ended September, as against Rs 3,133 crore in the corresponding period previous year.

Moreover, the lender’s net interest income grew 31 per cent year-on-year to Rs 10,360 crore from Rs 7,901 crore in the last year quarter (3QFY23). Net interest margin (NIM) for Q2FY23 came at 3.96 per cent, up 57 per cent YoY.

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