Private equity majors Kedaara Capital and Blackstone have submitted bids to acquire around 20 percent stake in Axis Finance, the non-banking finance arm of Axis Bank , multiple sources told CNBC-TV18.

A strategic player is also said to be in the fray. The proposed deal, sources said, has been scaled down from an earlier plan to sell up to 50 percent stake for about $800 million–$1 billion, to a smaller transaction of 20 percent for roughly $350–400 million.

Earlier, investors including Advent International, EQT, Warburg Pincus, and Kedaara Capital had evaluated a potential investment in Axis Finance. Both Axis Bank and the private equity firms did not respond to CNBC-TV18’s queries.

Axis Finance has drawn strong investor interest on the back of robust financial performance and steady

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