The Axis Bank board candidate for Bain Capital will resign

 The Axis Bank board candidate for Bain Capital will resign

The Axis Bank board candidate for Bain Capital will resign

Bain Capital achieved a noteworthy milestone this week with its last equity sale.

The partnership between Bain Capital and Axis Bank is coming to an end at this point. Ashish Kotecha of Banin Capital, who sold the remainder of his shares in the private equity company, is set to resign from the Axis Bank board, according to sources. According to sources with firsthand knowledge, Bain Capital's agreement with Axis Bank states that, because of its less than 2% ownership share in the bank, it is not eligible to be nominated to the board.

Bain Capital achieved a noteworthy milestone this week with its last equity sale.

According to a person with direct information, "Bain Capital still has a small stake in Axis Bank, but bringing the stake down below 2% and providing up the board position is a significant achievement in Bain Capital's collaboration with Axis Bank." Is not."

The Axis board's extra non-executive director nominee from Bain Capital is Ashish Kotecha. He was given a board appointment on December 19, 2021.

In November 2017, Bain Capital acquired a 5% stake in Axis Bank.

Regarding the board changes, CNBC-TV18 contacted Bain Capital and Axis Bank, but neither organization responded.

According to a bank insider, "Bain Capital was instrumental in driving Axis Bank's strategy in the last five years of its association."

The term sheet states that on December 14, 2023, Bain associates sold 33.4 million shares, or 1.1% of Axis Bank.

The sum Bain Capital paid to acquire the interest in 2017 more than doubled when it sold it recently. For the last year, Bain Capital has been gradually selling its ownership of Axis Bank.