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Shares of Axis Bank Ltd jumped as much as 9.2 per cent as a media report said that Bain Capital is in talks with Axis Bank Ltd to invest between $750 million and $1 billion (Rs4,800-6,400 crore).
The lender's shares ended higher by 8 per cent at Rs 523.05 on the BSE. On the NSE, the shares were up 8.52 per cent at Rs 525.25. In terms of equity volume, 23.36 lakh shares exchanged hands on the BSE.
According to the report, India’s third-biggest private lender is in talks to raise money amidst worsening asset quality and regulatory glare.
Bain’s proposed investment will come as a primary issuance of shares through a preferential allotment that will allow the PE fund to own up to 5% of Axis. Bain Capital and Axis Bank declined to comment.
Axis Bank stock has lost 5.7 per cent in two weeks, as of Monday's close, after reporting a rise in Q2 bad loans.
(With inputs from Reuters)
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