Bain Capital to sell 0.75% stake in Axis Bank via block deal for up to Rs 2,150 cr: Report

Boston-based PE firm Bain Capital will sell 0.75% stake in private lender Axis Bank Ltd for up to $267 million (approximately Rs 2,150 crore), said a report on Wednesday. 

The offer price range for the stake sale is Rs 964-Rs 977.7 per share, reported CNBC TV18. 22.5 million shares will reportedly be sold as part of the deal.

The offer price range for the block deal is 0%-1.4% at the current market price of Axis Bank.

Bain Capital's total holding in Mumbai-headquartered Axis Bank is 1.3%. 

The development of Bain divesting a portion of its holding in Axis Bank comes days after Canada Pension Plan Investment Board (CPPIB) sold 1.66% stake, worth $754 million, in Kotak Mahindra Bank at a 5% discount.

The Canadian pension fund held a 4.34% stake in the private lender as of March 31, as per Kotak's shareholding pattern.