Axis Bank Share: Block Deal Expected, Share Closes at Rs. 977.30
Axis Bank, one of India’s largest private banks, closed at Rs. 977.30 on Wednesday, with a one percent drop. However, there are reports of a block deal in the bank, which may take place on Thursday morning.
Block Deal Expected in Axis Bank:
According to sources, Bain Capital is reportedly preparing to sell 0.70 percent of its 1.3 percent stake in the bank. The deal is expected to take place at a price range of Rs. 964- 977.70 per share. The size of the deal is estimated to be around $267 million or Rs. 2,190 crore.
Note on Block Deal:
A block deal is a deal where 5 lakh or more shares or shares worth over Rs. 5 crore are traded in one go. The deal usually takes place at specific times, and the price band is also determined beforehand. The order is considered complete only when 100 percent of the block is fulfilled. Block deals are closely watched by the market, as they indicate which investor has faith in the stock and which one does not.
The news of the block deal has come at a time when Axis Bank is performing well. The company’s net profit has risen to Rs. 2,677.9 crore in the March quarter, up from Rs. 1,505.06 crore in the same period last year. The bank has also announced a dividend of Rs. 2 per share.
Overall, the market sentiment towards Axis Bank is positive, with most analysts giving it a buy rating. The bank’s strong financials, coupled with its expanding digital presence, make it an attractive investment option.
In conclusion, the expected block deal in Axis Bank is a significant development that will be closely watched by the market. It remains to be seen how the deal will impact the bank’s stock price and investor sentiment.
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