Axis Bank tumbles as Govt offers SUUTI's 1.55% stake via OFS

Axis Bank fell 3.13% to Rs 847 after the offer for sale (OFS) opened for non-retail investors today, 10 November 2022.

The government, through the Specified Undertaking of the Unit Trust of India (SUUTI), is offering 4,65,34,903 shares, or its entire 1.55% stake, in the private lender.

The floor price for the sale has been set at Rs 830.63, a 5% discount to the stock's closing price of Rs 874.35 on Wednesday, 9 November 2022.

The OFS opened on Thursday (10 November 2022) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Friday (11 November 2022).

As on 11:40 IST, the OFS received subscription for 18,42,899 shares. It was subscribed 4.40% on the base non-retail offer size of 4,18,81,412 shares.

Axis Bank is the third-largest private sector bank in India. Its net profit soared 70% to Rs 5,329.77 crore on 20% increase in total income to Rs 24,180.08 crore in Q2 FY23 over Q2 FY22. Net interest income (NII) increased by 31% YoY and 10% QoQ to Rs 10,360 crore. Net interest margin (NIM) for Q2 FY23 stood at 3.96%, up 57 basis points YoY and 36 basis points QoQ.

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