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Private equity firm Bain Capital has sold a $448 million stake in Indian private lender Axis Bank in a block trade on Wednesday, according to a term sheet seen by Reuters.

Bain affiliates BC Asia Investments VII, BC Asia Investments III and Integral Investments South Asia IV were offering 33.4 million shares, or a 1.1% stake in Axis Bank, at 1,119.70 rupees per share, the term sheet showed.

It was not immediately clear the extent of Bain's total stakeholding in India's third-largest private lender.

The selling price was at a 1% discount to Axis Bank's closing price on Tuesday. Shares of the company trimmed early session losses to trade 1.1% lower on Wednesday.

Stock exchange data showed about 33.4 million Axis Bank shares had changed hands in block deals on Wednesday, but details of the buyers were not immediately clear.

Bain, which bought a stake in Axis Bank worth 68.54 billion rupees in November 2017, has sold several tranches of shares through block deals recently. It sold a 0.7% stake in June this year and offloaded some stake in November 2022.

Axis Bank shares have more than doubled since Bain first bought a stake in 2017, outperforming the Nifty Bank index over that period.

Shares of the lender are up about 20% this year.