Private equity player Bain Capital is likely to sell a 1.2 percent stake in Axis Bank under a $410-million (Rs 3,350 crore) block deal on Tuesday, November 1, sources privy to the developments told CNBC-TV18.

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The three Bain Capital affiliates — BC Asia Investments VII, BC Asia Investments III, and Integral Investments South Asia IV — collectively hold a 4.27 percent stake in Axis Bank under the FDI (foreign direct investment) category.

The floor price for the Axis Bank block deal is Rs 888 per share, which is a discount of up to 2 percent on the scrip's close on Monday, October 31, in the block deal. JP Morgan is the broker of the deal.

In 2017, Bain Capital picked up a stake of 4.8 percent in Axis Bank for Rs 6,854 crore.

Shares of Axis Bank ended at Rs 905.85, up by Rs 2.85, or 0.32 percent on the BSE.

First Published:Oct 31, 2022 8:02 PM IST