Axis Bank on Tuesday said its board has approved the appointment of Ashish Kotecha, a nominee of Bain Capital, as an additional non-executive director. “The board of directors of the bank has today approved the appointment of Ashish Kotecha as an additional non-executive (nominee of entities affiliated to Bain Capital) director of the bank with effect from Sunday, December 19, 2021,” Axis Bank said in a regulatory filing.

During his tenure as a non-executive (nominee) director of the Bank, Ashish Kotecha shall be liable to retire by rotation as per Companies Act, it said.

The private sector lender said that Kotecha’s appointment has been made pursuant to the amended investment agreement between the bank and BC Asia Investments VII Ltd, Integral Investments South Asia IV and BC Asia Investments III Ltd.

As per the agreement, Kotecha has been appointed for three years till December 18, 2024 or till the time the entities affiliated to Bain Capital are directly holding in the aggregate at least 2 per cent equity capital in the bank.

Kotecha, 45, joined Bain Capital Private Equity in 2010 and he is now the managing director.

The three Bain Capital affiliates collectively hold 4.27 per cent stake in Axis Bank under the FDI (foreign direct investment) category.

Axis Bank shares closed at Rs 710.70 apiece on BSE, up by 0.94 per cent from previous close.