The private equity firm Bain Capital has sold a 1.08% stake in Axis Bank Ltd. for over Rs 3,736 crore through three of its entities.
Integral Investments South Asia IV sold 83.5 lakh shares (0.27%), while BC Asia Investments VII Ltd. offloaded 1.45 crore shares (0.47%), and BC Asia Investments III Ltd. sold 1.04 crore shares (0.335%) at Rs 1,119.7 apiece, according to data from the NSE.
Among other buyers, Morgan Stanley, through multiple entities, bought a 0.19% stake, and Goldman Sachs, through multiple entities, mopped up a 0.17% stake in the company.
Bain Capital in 2017 had invested Rs 6,854 crore in the private lender for 4.8% stake in one of the largest private equity investments in the Indian banking sector. This was done through the issue of shares and warrants for Rs 525 apiece and Rs 565 apiece, respectively.
In November 2022, the PE firm had pared some stake by offloading 1.66 crore shares at Rs 891.38 apiece, according to the data from the BSE.
Shares of Axis Bank closed 1.25% lower at Rs 1,116.9 apiece on the NSE after news reports of a potential stake sale. This compares with a 0.10% advance in the benchmark Nifty 50.
Forty-five out of the 50 analysts tracking the stock have a 'buy' rating, while five recommend 'hold', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 6.6%.
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