An amount of about Rs. 11,826 crore ($1.8 billion) is being raised by Axis Bank through a private placement of shares from a clutch of investors led by private equity fund Bain Capital.Bain Capital is picking up a 4% stake for Rs. 5,179 crore and will have the right to nominate a director on bank’s board. Other investors are American asset manager Capital Group and Life Insurance Corporation...
An amount of about Rs. 11,826 crore ($1.8 billion) is being raised by Axis Bank through a private placement of shares from a clutch of investors led by private equity fund Bain Capital.
Bain Capital is picking up a 4% stake for Rs. 5,179 crore and will have the right to nominate a director on bank’s board. Other investors are American asset manager Capital Group and Life Insurance Corporation of India (LIC). The bank will be diluting a stake of around 9% at the fund-raising.
Shardul Amarchand Mangaldas advised Axis Bank and the team is led by Executive Chairman Shardul Shroff along with Partners Raghubir Menon, Abhishek Guha and Yogesh Chande, Senior Associates Ankit Kejriwal and Anwesha Haldar and Associates Kanwardeep Kapany, Gaurav Malhotra and Keegan Pavrey.
AZB & Partners and Kirkland & Ellis LLP acted for Bain Capital. The AZB team is led by Partners Anil Kasturi and Nandita Govind along with Senior Associates Ashish Pareek, Anisha Shridhar and Jaishree Tolani and Associates Ankit Bhasin and Shreya Basu.
The Kirkland team is led by Partner Srinivas S. Kaushik.
It is the country’s largest private equity transaction to help shore up the lender’s capital base after a string of disappointing earnings.