U.S. private equity firm Bain Capital is looking to sell a 0.7% stake in India’s Axis Bank worth as much as $267 million, CNBC-TV18 reported on Wednesday, citing sources.
The stake sale would likely be at an offer price range of 964.00 rupees to 977.70 rupees per share, the report added.
Bain Capital and Axis Bank did not immediately respond to Reuters requests for comment.
Bain Capital aims to divest a portion of its total 1.3% holding in Axis Bank through a block deal, CNBC-TV18 said.
State-owned Bank of Baroda (BOB) has withdrawn the request for proposal (RFP) it had floated for divesting its holdings in the National Stock Exchange (NSE). “The RFP, through which the bids were being invited for sale of part of equity shareholding held by BoB is NSE is hereby withdrawn,” said the lender through an advertisement without citing any reason. As per reports, BoB was looking to sell 0.42 per cent stake at a floor price of ~3,150 per share. The share sale would have fetched the bank at least ~662 crore.
Source: Business-Standard