Bain Capital exits India’s Axis Bank with $429m stake sale

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Bain Capital, a private equity company, is set to unload its entire stake in Axis Bank, Reuters reported. Expected to be worth nearly US$429 million, this marks Bain’s exit from the Indian bank since its first investment in 2017.

Included in this sale are roughly 33.4 million shares, which is over 1% of Axis Bank’s total stake. Proposed prices range from 1,071 rupees to 1,076.05 rupees (US$12.86 to US$12.92) per share, slightly lower than the bank’s closing price on Monday.

This is not Bain Capital’s first sale of Axis Bank shares. The company had previously sold US$448 million worth of shares in December 2023, which came on top of another sale in November 2022.

Bain Capital first invested US$823.2 million into Axis Bank as part of a larger raise, which also involved capital from the Life Insurance Corporation of India. According to Bain Capital, the deal marked one of the largest private equity investments in the Indian banking sector at the time.

Axis Bank offers financial services to businesses of all sizes. Data from Forbes India shows that it ranks fifth among the largest banks in India by market capitalization.

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Currency converted from rupees to US dollar: US$1 = 83.24 rupees.