Govt garners Rs 4,000 crore through nearly 2% stake sale in Axis Bank

The government's offer to sell its nearly 2 per cent stake held in Axis Bank held through SUUTI has received a "good response", with the government garnering about Rs 4,000 crore, Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey tweeted.
 

The government had offered to sell its 58 million shares or 1.95 per cent stake of Axis Bank held through Specified Undertaking of the Unit Trust of India (SUUTI). The floor price for the offer was set at Rs 680/share.
 

The offer was open for non-retail investors on May 19, and on May 20 for retail investors. Retail quota of the Axis Bank offer for sale (OFS) managed to garner just 28 per cent subscription. The unsubscribed portion of the OFS will be allotted to non-retail investors. A day earlier, they had bid for 2.6 times the shares on offer.