Bain Capital’s affiliates BC Asia Investments VIII, BC Asia Investments III, and Integral Investments South Asia IV sold USD 33.4 million shares, which represent approximately 1.1% of the stake in Axis Bank, with each share valuing approximatively INR 1,119 (USD 13.48). None of the financial institutions provided a reason for the sale.
The final price was set on a 1% premium to the floor price when the deal launched, as well as a 1% discount to the stock’s previous day's close. Axis Bank closed 1.4% lower following the sale of the stake, which was carried out before the market opened.
India-based financial institution Axis Bank had multiple collaborations and product launches in the last couple of months, covering several different geographic areas around the world.
In October 2023, Axis Bank announced its partnership with fintech Fibe in order to launch a numberless credit card for tech-savvy Gen Z customers in the region of India. Following this announcement, the clients were enabled to benefit from optimised security by using a numberless credit card, since it lacked a printed card number, expiry date, or a CVV. This absence of important details aimed to significantly lower the risk of identity theft and unauthorised access, as well as ensure the safety and privacy of customers.
The new product was made available through the Fibe application, and clients were enabled to manage their Fibe Axis Bank Credit Card details while having complete control over their information as well.
Earlier in the same month, Axis Bank announced the launch of its `open by Axis Bank` digital bank proposition, aiming to highlight its overall digital operations and capabilities. The banking initiative was released through a new advertising campaign, which was called Open 2023, and showcased the bank’s top 15 digital features. This launch aimed to optimise the digital banking experience of the financial institution’s customers, as well as improve the personalisation, intuitiveness, and convenience of its services.
According to the press release published at the time, the introduction of this mobile application was set to strengthen and accelerate Axis Bank’s plan to meet the needs of its customers, optimise its solutions, and accelerate its development process.
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