Ashish Kotecha, previously serving as a non-executive director on Axis Bank's board, nominated by Bain Capital, has resigned, as per a regulatory filing. This decision follows a decrease in the direct shareholding of Bain Capital-affiliated entities in the bank, falling below the two per cent threshold.
Reports indicated that Bain Capital divested shares valued at Rs 3,737 crore in Axis Bank. Notably, three affiliate firms—BC Asia Investments VII, BC Asia Investments III, and Integral Investments South Asia IV—sold 33.38 million shares (equating to a 1.08 per cent stake) at Rs 1,119.7 per share.
Over 50 entities, primarily comprising foreign funds such as Societe Generale, Morgan Stanley, Goldman Sachs, and UBS, were among the buyers. Bain Capital had initially acquired a stake worth Rs 6,854 crore in Axis Bank back in November 2017.
In the bank's regulatory disclosure, it was highlighted that Kotecha's appointment to the board commenced on December 19, 2021, with a tenure extending up to three years until December 18, 2024, or until entities affiliated with Bain Capital—BC Asia Investments VII Limited, Integral Investments South Asia IV, and BC Asia Investments III Limited—hold at least two per cent of the bank's fully diluted equity share capital.