In the early trading sessions on Thursday, 2.25 crore shares of Axis Bank, worth Rs 2,178 crore, changed hands. The shares were sold at an average price of Rs 968 per share. The seller of this stake is Boston-based private equity firm, Bain Capital.
A series of news reports have indicated that Bain Capital has been planning to sell its stakes in Axis Bank for up to $267 million. This move is aimed at dissolving its 1.3 percent ownership in the Indian Bank through a potential block deal.
Following today’s transaction, there will be a 90-day lock-in period, after which Bain Capital is likely to release another batch of stakes into the market.
