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Bain Capital sold a 1.1% stake in Axis Bank for Rs 3,500 crore in a block deal. BofA Securities issued a term sheet, wherein Integral Investments South Asia IV, BC Asia Investments VII & III were looking to offload shares.
It had previously sold a 1.1% stake in the private sector lender through open market transactions in December for about Rs 3,700 crore.
Axis Bank shares have increased by 43% over the previous five years, outperforming the benchmark Sensex's 93% increase and the BSE Bankex index's 64% increase.
Bain Capital, which first purchased shares in the bank in November 2017, will exit its entire holding with the stake sale, sources told Reuters.
Bain Capital plans to sell stake worth $429 million in Indian private lender Axis Bank on Tuesday, according to a term sheet seen by Reuters....