 "Axis Bank falls on Suuti stake sale")
Axis Bank is trading lower by 2.2% at Rs 1,355 in early morning deals on the NSE after the government sold 9% stake held by the Specified Undertaking of UTI (Suuti) in the bank via block deals today.
According to information available on the BSE, around 27.5 million shares have changed hands at Rs 1,313.25 per share and 15.45 million shares at Rs 1,318 per share.
However, the name of buyers of the shares could not be ascertained immediately.
The stock opened at Rs 1,335 and touched a low of Rs 1,313.25 on the BSE. A combined 49.3 million shares changed hands on the counter till 0930 hours on the BSE and NSE.
SUUTI has proposed to sell 42.2 million shares in the third-largest private-sector bank through open market. The sale, to be conducted through block trades, will help raise between Rs 5,450 crore ($892 million) and Rs 5,735 crore ($938 million).
According to information available on the BSE, around 27.5 million shares have changed hands at Rs 1,313.25 per share and 15.45 million shares at Rs 1,318 per share.
However, the name of buyers of the shares could not be ascertained immediately.
The stock opened at Rs 1,335 and touched a low of Rs 1,313.25 on the BSE. A combined 49.3 million shares changed hands on the counter till 0930 hours on the BSE and NSE.
SUUTI has proposed to sell 42.2 million shares in the third-largest private-sector bank through open market. The sale, to be conducted through block trades, will help raise between Rs 5,450 crore ($892 million) and Rs 5,735 crore ($938 million).
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%