Bain Capital has sold its investment in Axis Bank for 1,071 rupees ($12.87) per share and has raised $429m.

According to Reuters, Bain sold 33.4 million shares in the block sale.

The final price represented a 0.5% discount to the closing price of the company and was at the lower end of the price range offered to potential investors, which was 1,071 to 1,076.05 rupees.

Through the transaction, Bain Capital has given up its ownership position in the Indian private lender. It originally invested in the company in 2017.

About shares, Australia’s ANZ announced earlier this month that it will sell 16.5% ($0.81) of its issued capital in AmBank for MYR3.85 a share.

This gives the sale a total of $444m and will reduce ANZ’s shareholding in AmBank from 21.7% to 5.2%.

Furthermore, while this is part of the ANZ plan to simplify, it will keep one nominated director on the AmBank board.

ANZ’s capital management considerations will include the capital release from this sale, subject to regulatory approvals.

Earlier in 2024, EQT Private Capital Asia (EQT) sold its remaining 26.7% ownership in CMS Info Systems (CMS) which is listed on the Indian stock exchanges, in a $187m block transaction.

Moreover, with its main office located in Mumbai, India, CMS serves as a notable cash management firm in the country.

It offers a range of services including ATM cash management, retail cash management, cash-in-transit, ATM managed services, banking automation, and AI-powered remote monitoring solutions.

With more than 25,000 staff members and associates, CMS serves over 150,000 corporate commerce locations in 97% of India’s districts.