Six block deals relating to a 0.6 stake in Axis Bank occurred on the exchanges. Around 2.25 crore shares, or a 0.6% stake, changed hands in several block deals estimated to be around Rs 2,178 crore.

At 9:30 am, Axis Bank shares were quoting at Rs 975.20, down 0.2% on the National Stock Exchange.

CNBC-TV18 reported that Bain Capital plans to offload some stakes in the company and a lock-in period of 90 days before it further dilutes its stake in the lender.

According to the lender’s shareholding data for the March quarter, Bain Capital held a 1.3% stake through the BC Asia Investments VII fund. If Bain Capital is a seller in this deal, it will decrease its holding in the lender to 0.7%.
In the three months, the stock increased 17.4% versus the Sensex’s 9.2% gains. The lender also stated a net loss of Rs 5,728.42 crore in the January to March quarter amid the buying cost of Citi Bank’s India consumer business.

Excluding the deal, the company posted a net profit of Rs 6,625.29 crore for the quarter, showing a solid jump of 61% from the Rs 4,117.77 crore recorded in the last fiscal. The lender’s net interest income (NII), the difference between interest earned and interest expended, rose by 33.1% YoY to Rs 11,742.2 crore in the same period.
Bain Capital plans to sell a stake for $267 million in Axis Bank, expecting to be done at a floor price of Rs 964-977.70 per share.