Bain Capital, through affiliates Integral Investments South Asia IV and BC Asia Investments VII, sold 3,33,75,000 shares at Rs 1,119.70 a share, block deals data showed.
The sale price was at a discount of around 1% to the previous closing price of the stock. Shares of Axis Bank ended 1.4% down on the National Stock Exchange on Wednesday at Rs 1,114.85.
News reports on Tuesday had said that the global private equity major is looking at selling a 1.1% stake for around Rs 3,700 crore in the open market.
This is the second time in 2023 that Bain Capital has sold a stake in the private sector lender. In June, it had sold a 0.7% stake in Axis Bank at an average price of Rs 968 apiece, aggregating Rs 2,178 crore. Prior to this, the private equity firm had sold a 1.2% stake in October 2022.
Meanwhile, several foreign portfolio investors (FPIs) picked up stakes in Axis Bank through separate block deals.
Prominent names include Fidelity International, Goldman Sachs, Morgan Stanley, UBS Funds, and pension funds such as the Government Pension Fund Global, Oman Ministry of Defence Pension Fund.Fidelity International bought 9,50,791 shares of Axis Bank for Rs 106 crore, while UBS Funds acquired 70,87,700 shares for Rs 794 crore.
Morgan Stanley purchased 59,21,144 shares of Axis Bank for Rs 663 crore, while Goldman Sachs picked up 54,43,016 shares for Rs 609 crore.
While the banking sector as a whole has relatively underperformed in 2023, Axis Bank stock has given benchmark-beating returns of more than 21% year-to-date.
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