Axis Bank gains after Rs 3,465 cr shares change hands at Rs 1,120 via block deal

According to reports, entities associated with Bain Capital were looking to offload stake via the block deal

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Shares of Axis Bank gained 1.6 percent to Rs 1,150 per share on December 13 after around 3.1 crore shares worth Rs 3,465 crore changed hands in block deal at Rs 1,120 a share.

Moneycontrol couldn’t ascertain who the buyers and sellers were but reports suggested that entities associated with Bain Capital were eyeing to offload stake via a block deal. The sellers could include BC Asia Investments VII, BC Asia Investments III, and Integral Investments South Asia IV.

The offer floor price of Rs 1,120 a share, was at a discount of a percent to the December 12 closing price of Rs 1,131.

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In the past month, the stock has jumped 10 percent against a 7 percent rise in the Bank Nifty index. The share touched a 52-week high of Rs 1,151 on December 5.

In the July-September quarter, Axis Bank saw a 10 percent year-on-year growth in standalone net profit, while net interest income rose 19 percent.

ALSO READ: Buy Axis Bank; target of Rs 1140 Sharekhan

Asset quality, too, improved, with gross non-performing asset (GNPA) ratio falling to 1.73 percent and net NPA dropping to 0.3 percent.

In a recent note, analysts at Macquarie said the credit costs of Axis Bank were expected to normalise in the medium term but remain elevated in the near term.

The profitability ratios would be well maintained despite the Reserve Bank of India’s new risk-weight norms, they wrote. The brokerage firm shared a “neutral” rating with a target price of Rs 980.

Analysts at Sharekhan shared a “buy” rating for the private lender with a target price of Rs 1,140. “The analyst meet gave confidence that Axis Bank’s risk framework and cultural changes in the last few years are likely to ensure resiliency through cycles and help in becoming an all-weather franchise,” the brokerage firm said.

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