Axis Bank to complete exit from private equity fund
India's Axis Bank is about to complete its exit from its Axis Private Equity platform, pending the results of discussions with LPs in its INR600 crore ($130 million) fund, according to comments by Shikha Sharma, the bank's CEO.
Options under discussion still include a buyout by the fund's management team, according to Sharma's comments. She also stated that the private equity fund business is not core to Axis Bank, but that there is no immediate pressure for an exit, which could take place over 12 months or more. The firm has already invested over half of its first fund, the Axis Infrastructure Fund. Edelweiss Capital, Elephant Capital, IL&FS Investment Managers, Darby Private Equity, Aditya Birla Private Equity and Shapoorji Pallonji Group all previously expressed interest in acquiriing the operation.
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