Mumbai, July 7 -- Global and domestic private equity firms including Blackstone, Kedaara Capital, Advent International, and Warburg Pincus are in talks to acquire a 40-100% stake in Axis Finance, the non-banking financial arm of Axis Group, three people with direct knowledge of the matter said. The deal, currently in the due diligence stage, could see binding offers by the end of September, they added.

"Firms are doing their diligence. The deal contours will be decided post that," one of the people cited above said.

"The firms are likely to value the company anywhere between $800 million-$1 billion," another person said.

Axis Bank, India's third largest private lender, has initiated the sale process as it seeks to comply with proposed ...