According to block deal data available with the exchanges, Bain Capital has sold 2.25 crore shares or 0.7% stake in the lender at a weighted average price of Rs 968 apiece. Through the stake sale, the investment giant has bagged about Rs 2,178 crore. This is the second time in less than a year that Bain Capital pared its stake in the bank. In October last year, the investment firm had sold 1.2% stake.
Bain Capital, through its affiliate BC Asia Investment VII, held 1.3% stake in Axis Bank, as of March quarter.
In November 2017, the Boston-headquartered private equity firm led a consortium that invested $1.8 billion in the private lender to help shore up the bank’s capital base. The consortium had invested capital at Rs 525 per share. Bain Capital invested around Rs 6,854 crore during the private sector bank’s fundraising programme.
Further, a number of domestic and foreign institutions have bought stakes in the bank as part of the block deal on Thursday, including Morgan Stanley, Goldman Sachs, Harford, Kuwait Investment Authority, Nomura, Bajaj Allianz Life Insurance among others. (Please refer to the table at the end)
Axis Bank is majority owned by public shareholders with 91.8% stake, while the rest 8.16% is held by promoters. Among the public shareholders, mutual funds have a big chunk in the company with 23.63%, while foreign portfolio investors own about 49%.
On Thursday, Axis Bank shares ended flat at Rs 978.5 apiece on NSE. On a year-to-date basis, the stock has risen nearly 4%, marginally above the benchmark return.Axis Bank’s momentum indicator MFI is above 70 which indicates that the stock is trading in an overbought zone while RSI at 68 indicates that it is steadily approaching the overbought zone. A number above 70 means that the stock is trading in the overbought zone.
Following are the foreign investors who bought the stake:
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