Over 16 million shares were sold in a block deal on BSE. Credit: Gerd Altmann from Pixabay.

Private equity firm Bain Capital has diluted its shareholding in Indian private sector lender Axis Bank by selling shares worth INR14.86bn ($179.86m). 

According to the bulk deal data on the Bombay Stock Exchange (BSE), the US-based group sold 16,680,000 shares or 0.54% stake in Axis Bank for INR891.38 per share

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Mint reported that Bain Capital will sell a 1.24% stake in the private lender in a block deal, which could fetch it $410m. 

As of 30 September 2022, Bain Capital held a 4.24% stake in the bank via BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV, MoneyControl said, citing BSE data. 

In the latest deal, shares were sold by BC Asia Investments VII.

Bain Capital acquired the stake in Axis Bank in 2017 as part of a fundraiser from a group of investors including the Life Insurance Corporation of India (LIC). 

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The development comes on the back of Axis Bank’s decision to buy Citigroup’s retail banking business in India for $1.6bn. 

Last month, Axis Bank chief executive Amitabh Chaudhry said that the bank hopes to wrap up the acquisition, which has received approval from the competition watchdog, by 31 March 2023. 

The lender is also looking to raise fresh capital once the Citi deal closes. 

In September, Chaudhry told the Hindu BusinessLine that funds will probably be raised via the qualified institutional placement (QIP) route.

The proceeds will be used to support growth and offset the impact of the Citi deal on the lender’s core capital, the Axis Bank chief had said.