Private equity firm Bain Capital to sell remaining Axis Bank holding

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Private equity firm Bain Capital will offload its remaining 1.08 per cent stake (33.37 million shares) in private sector lender Axis Bank. The clean-up trade will be executed on Tuesday.


The price range for the share sale has been set at Rs 1,071 – Rs 1,076 per share, a discount of up to 0.47 per cent to Axis Bank’s last close of Rs 1,076 per share. At the lower range, the PE major will be able to raise Rs 3,574 crore ($429 million). BofA Securities India is the sole investment bank handling the transaction.


In December, Bain Capital had sold a similar quantity of shares at Rs 1,120 to raise $448 million. The PE firm holds a stake via affiliates BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV. Shares of Axis Bank are down nearly 2 per cent year-to-date, underperforming the Nifty which has gained 4.3 per cent. Bain Capital invested Rs 6,854 crore in Axis Bank as part of an Rs 11,626-crore capital raising exercise in November 2017. It had picked up the stake at around Rs 525 per share. Since then, it has pared its holdings in several tranches.


Market holiday on May 20 for LS polls in Mumbai

 

The stock exchanges on Monday announced a market holiday on May 20, the day of Lok Sabha ele­ct­ions in Mumbai. According to the Election Commission, voting for the seats of several constituencies of Mumbai, Palghar, Kalyan, Nashik, Bhiwandi, Dhule, and Dindori will be held on May 20. In the previous elections held in 2019, the equity market remained shut on April 29, 2019. India will vote for the next government at the Centre in seven phases between April 19 and June 1. Elections in Maha­ra­shtra will be held in five phases, ending on May 20. The results will be declared on June 4. 


Sebi nod to Aadhar Housing Finance IPO

 


The Securities and Exchange Board of India (Sebi) has approved the initial public offering (IPO) of Aadhar Housing Finance to raise Rs 5,000 crore comprising fresh issue and an offer for sale. The Blackstone-back­ed firm had refilled the draft docu­ments in Feb­ruary. The company had first filed draft paper in 2021 but it had to refile as it lapsed the regulatory timeline of one year. The IPO has a fresh equity component of Rs 1,000 crore and an offer for sale of Rs 4,000 crore where Blackstone Gro­up company BCP Topco VII will be offloading stake.  

First Published: Apr 08 2024 | 10:37 PM IST