Axis Bank equity stake worth Rs 2,088 crore sold in large trade, 1.7 crore shares change hands

Tanushree Jaiswal Tanushree Jaiswal

Last Updated: 21st June 2024 - 04:47 pm

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On June 21, Axis Bank stock experienced a significant trade, with 0.55% equity stake in the private lender being sold for ₹2,088.2 crore, as reported by CNBC-TV18. A total of 1.7 crore shares were traded at ₹1,226 per share. The identities of the buyers and sellers were not immediately disclosed.

Axis Bank stock was down about half a percent, mirroring the decline in the banking index, and was trading at ₹1,232.5 in the afternoon session. Over the past year, Axis Bank's share price has increased by more than 27%, slightly outperforming the Nifty's 25% gains.

In April this year, private equity firm Bain Capital exited its shareholding in Axis Bank by selling its remaining 1% stake for ₹3,574 crore. Bain Capital had originally invested ₹6,854 crore in Axis Bank in November 2017.

Earlier this week, Axis Bank increased its shareholding in Max Life from 19.02% to 19.99% by acquiring an additional stake in the insurer for ₹336 crore.

Axis Bank and its two subsidiaries, Axis Capital Ltd and Axis Securities Ltd, have been permitted by the Insurance Regulatory and Development Authority of India (IRDAI) to collectively own up to 20% in Max Life Insurance.

The stake was acquired as part of a deal finalized in 2021 between Axis Bank and Max Life Insurance.

On June 18, Motilal Oswal Financial Services issued a recommendation for Axis Bank, projecting a potential upside of 0.68% with a target price of ₹1200.00. The recommendation was made when the stock was trading at ₹1181.00, and its current price stands at ₹1191.90.

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