By P.R. Venkat


Private equity firm Bain Capital plans to sell its stake worth $429.0 million in India's Axis Bank.

The company plans to sell 33.37 million shares via a block trade on Tuesday, according to a term sheet seen by The Wall Street Journal.

Bain invested in the private lender in 2017. The sale would see the private equity firm exiting its investment in Axis Bank.

Axis Bank is the third largest private sector bank in India, with over 5,000 domestic branches. It also has eight international offices, including branches in Singapore and Dubai and representative offices in the U.K. and Bangladesh.

Bank of America Securities is acting as the sole book runner on the deal, the term sheet showed.


Write to P.R. Venkat at venkat.pr@wsj.com


(END) Dow Jones Newswires

04-08-24 2232ET