Private equity investor Bain Capital is facing margin calls from three lenders -- JPMorgan, Citi and Nomura -- as the ongoing market meltdown continues to savage Axis Bank shares pledged as collateral, persons in the know told The Economic Times.
Axis Bank shares have fallen 54% since the beginning of March due to the ongoing market meltdown.
In November 2017, Boston-headquartered Bain had led a consortium to invest $1.8 billion (Rs 11,626 crore) of confidence capital in Axis Bank.
To fund its share of the deal, Bain raised around $600 million from JPMorgan, Citi and Nomura using Axis Bank shares as collateral.
In another development, India's top venture capitalists have come together to set up a Rs 100 crore fund ($13.3 million at current exchange rate) to help startups which are at the fore of developing services and products to help fight the coronavirus outbreak, two people aware of the development told Moneycontrol.
Four major venture capital firms -- Sequoia Capital, Matrix Partners, Accel and Kalaari Capital -- have been roped in to anchor the fund, one of them said.
"More than 40% of the fund size has already been subscribed and can soon be deployed to help the startups to fight the virus," another said.