US-based private investment firm Bain Capital may sell its stake in private sector giant Axis Bank on Tuesday, November 1. According to a CNBC Awaaz report, the private investment firm may sell its 1.24 per cent stake through block deals.

This deal can be about $ 41 million i.e. Rs 3350 crore. According to information received by CNBC Awaaz quoting sources, the deal could happen at a floor price of Rs 888 per share. It is at a discount of about 2% from the current bank price. Its shares closed on BSE yesterday at a price of Rs 905.85 (Axis Bank Share Price).

American investment firm had invested five years ago

Bain Capital had invested in Axis Bank about five years ago in the year 2017. The bank had sold 9 per cent stake to raise Rs 11626 crore in which US private equity fund had invested Rs 6854 crore. The deal was done at Rs 525 per share while the issue price of convertible warrants was Rs 565. At present, three units of Bain Capital hold 4.24 per cent stake in Axis Bank under the FDI category.

Bank's profit jumps 70% in September quarter

Ten days ago on October 20, Axis Bank announced its September 2022 quarter results. The bank achieved 70 per cent higher net profit on a year-on-year basis in July-September 2022 as compared to 29 per cent higher on a quarterly basis.Net income from interest stood at Rs 10360.3 crore, up 31 per cent year-on-year. On the other hand, the net interest margin stood at 3.96 per cent, up 0.57 per cent year-on-year and 0.36 per cent higher on a quarterly basis.