By Scott Murdoch
SYDNEY (Reuters) -Bain Capital sold its entire stake in Axis Bank for 1,071 rupees ($12.87) a share, raising $429 million, stock exchange data showed.
Morgan Stanley Asia Singapore, BofA Securities Europe and Societe Generale (OTC:) have together purchased a 0.4% stake in Axis Bank through the Bain sale.
Other buyers included Goldman Sachs, Nomura, Norges, ICICI Prudential and Mirae Asset.
Bain sold 33.4 million shares in the block trade, according to a term sheet reviewed by Reuters.
The final price was at the bottom of the price range of Rs 1,071 to Rs 1,076.05 given to potential investors and represented a discount of 0.5% to the stock’s closing price on Monday.
The deal means Bain Capital has shed its equity stake in the private Indian lender. It first acquired the company in 2017.
($1 = 83.1850 Indian Rupees)