ETF an option for SUUTI stake sale: Mayaram

Says all options are open and no decision taken yet

The government is keeping all options open, including floating an Exchange Traded Fund, for selling stakes in companies like L&T and ITC held through SUUTI, Finance Secretary Arvind Mayaram said today.

"All options open. We are evaluating ETF option for SUUTI stake sale. No final decision taken on SUUTI stake sale," Mayaram said here.

Specified Undertaking of UTI (SUUTI), formed in 2003, is an offshoot of erstwhile UTI. It holds 11.72% in Axis Bank; 11.27% in ITC and 8.18% in Larsen & Toubro.

The government had sold 9% stake in Axis Bank held through SUUTI in March through the bulk deal on the stock exchanges.

In March, the government had successfully launched the ETF comprising shares of 10 PSUs. The ETF has registered handsome gains since its launch.

The government proposes to raise Rs 15,000 crore in the current fiscal through sale of residual stakes in private companies. It plans to raise Rs 43,425 crore through stake sale in PSUs.