Bain Capital raises $429 mn with Axis Bank stake sale; sells 33.4 mn shares

Bain Capital has sold its Axis Bank stake at Rs 1,071 ($12.87) per share to raise $429 million, according to a source with direct knowledge of the matter.

The source could not be identified due to the confidential nature of the information.

Bain Capital and Axis Bank did not immediately respond to a request for comment.

Bain sold 33.4 million shares in the block trade, according to a term sheet reviewed by Reuters.

The final price was at the bottom of the price range of Rs 1,071 to Rs 1,076.05 given to prospective investors and was a 0.5 per cent discount to the stock's closing price on Monday.

The deal means Bain Capital has exited from its equity stake in the Indian private lender. It first bought into the company in 2017.