Bain Capital plans to sell stake worth $429 million in Axis Bank on Tuesday, according to a term sheet seen by Reuters.

The private equity firm, which first purchased shares in the bank in November 2017, will exit its entire holding with Tuesday's stake sale, a source familiar with the matter told Reuters.

Bain Capital will sell about 33.40 million shares of the lender, representing an over 1 per cent stake, at an offer price in the range of ₹1,071 rupees to ₹1,076.05 per share, the term sheet showed.

The lower band of the offer price is at a 0.5 per cent discount to the bank's closing price on Monday.

Bain Capital sold shares worth $448 million in Axis Bank in December after having offloaded some of its stake in November 2022.

BofA Securities India is the sole bookrunner for the deal.

Bain Capital declined to comment, while Axis Bank and BofA Securities did not immediately respond to Reuters' requests for comment.

Shares of Axis Bank have more than doubled since Bain Capital first purchased its stake, but are down 2.4 per cent so far this year.