SYDNEY - Bain Capital has sold its Axis Bank stake at 1,071 rupees ($12.87) per share to raise $429 million, according to a source with direct knowledge of the matter.

The source could not be identified due to the confidential nature of the information.

Bain Capital declined to comment and Axis Bank did not immediately respond to a request for comment.

Bain sold 33.4 million shares in the block trade, according to a term sheet reviewed by Reuters.

The final price was at the bottom of the price range of 1,071 rupees to 1,076.05 rupees given to prospective investors and was a 0.5% discount to the stock's closing price on Monday.

The deal means Bain Capital has exited its equity stake in the Indian private lender. It first bought into the company in 2017.

($1 = 83.1850 Indian rupees)

(Reporting by Scott Murdoch in Sydney; additional reporting Kane Wu in Hong Kong; Editing by Jacqueline Wong, Kirsten Donovan)