Shares of Axis Bank witnessed choppy trade on Tuesday amid a report that Bain Capital is looking to sell its remaining holding in the private lender via a block deal today. The U.S.-based private equity firm is expected to raise around $430 million (₹3,580 crore) through stake sale at an offer price in the range of ₹1,071- ₹1,076.05 per share, a discount of 0% to 0.47% to previous day closing price.
Reacting to the news, Axis Bank shares opened higher at ₹1,094, up 1.7% against the previous closing price of ₹1,075.20 on the BSE. The banking heavyweight, however, soon slipped into negative terrain, falling over 2% from its opening high to ₹1,071.35 level. On the volume front, more than 3.3 crore shares changed hands over the counter, while the market capitalisation stood at ₹3.31 lakh crore.
At the current price, Axis Bank shares have been trading 7% lower than its 52-week high of ₹1,151.50 touched on December 5, 2023, and 27% higher than its 52-week low of ₹844.05 hit on April 10, 2023. The stock has given 27% returns to its shareholders in the last one year and 8% in six months. In the calendar year 2024, the stock fell nearly 2% as investors booked profit at higher levels, while it shed over 2% in a month.