[1/2]Brochures are seen at a department of Axis Financial institution in Mumbai, India, January 22, 2018. REUTERS/Danish Siddiqui/File photograph Purchase Licensing Rights
BENGALURU, Dec 13 (Reuters) – Personal fairness agency Bain Capital has offered a stake price $448 million in Indian personal lender Axis Financial institution (AXBK.NS) in a block commerce on Wednesday, in accordance with a time period sheet seen by Reuters.
Bain associates BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV have been providing 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.
The extent of Bain’s whole stakeholding in India’s third-largest personal lender was not instantly clear.
Societe Generale, Goldman Sachs, UBS and Morgan Stanley have been among the many patrons of Axis Financial institution shares on Wednesday as Bain offered its stake, alternate knowledge confirmed.
The promoting value was at a 1% low cost to the financial institution’s closing value on Tuesday.
Bain, which purchased a stake in Axis Financial institution price 68.54 billion rupees in November 2017, has offered a number of tranches of shares within the lender via block offers lately. It offered a 0.7% stake in June this yr after offloading some stake in November 2022.
Shares of Axis Financial institution have greater than doubled since Bain first purchased a stake in 2017, outperforming the Nifty Financial institution index (.NSEBANK) over that interval.
Axis Financial institution settled 1.4% decrease on Wednesday. Its shares have risen 19.5% this yr.
Reporting by Nishit Navin and Scott Murdoch; Enhancing by Janane Venkatraman and Mrigank Dhaniwala
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