Axis Bank: Over 3 crore shares change hands as Bain Capital exits via ₹3,588-crore block deal

Axis Bank shares gained on Tuesday, April 9, after more than 3 crore shares worth ₹3,588 crore changed hands on bourses as Bain Capital made an exit from the private sector lender, according to market reports.

Axis Bank shares hit a high of ₹1,090 per share on NSE, up by 1.3%, over the previous close. The stock was trading 0.64% higher at ₹1,082.9 per share at 1:10 PM.

Private equity firm Bain Capital had invested around ₹6,854 crore in Axis Bank in 2017 when the private lender raised a total capital of ₹11,626 crore through equity and warrants issuance.

Bain Capital had been reducing its stake in Axis Bank for the past year through block deals to make an exit from the private lender.

Bain Capital on Tuesday sold 3.34 crore shares in large deals in a price range of ₹1,071 to ₹1,076.05 per share, reports suggested.

Buyers of the shares could not be confirmed immediately and details would be known after exchanges update their data after market close.

BSE data showed that Axis Bank shares hit a high of ₹1,094 per share as more than 3.35 crore shares changed hands on the exchange. The two-week average trade volume is around 7.54 lakh in BSE.

Bain Capital in December sold 1.1% stake in Axis Bank for ₹3,700 crore through large deals. Bain Capital entities Integral Investments South Asia IV, BC Asia Investments VII and BC Asia Investments III sold more than 3 crore shares at a price of ₹ 1,119.70 per share to a clutch of investors.

Before that, the private equity firm sold a 0.7% stake in Axis Bank for ₹2,178 crore in June 2023. The PE firm sold stake at ₹968 per share.

In November 2022, BC ASIA Investments Vii Limited sold 1.66 crore shares at ₹891.38 per share. In October, the PE firm divested a 1.2 per cent stake.