Business Standard

Govt to exit Axis Bank with 1.55% stake sale, expects to garner Rs 4,000 cr

In May last year, the government sold of 1.95 per cent stake in Axis Bank held through SUUTI for a consideration of about Rs 4,000 crore

Photo: Bloomberg

Photo: Bloomberg

Press Trust of India New Delhi
The Specified Undertaking of the Unit Trust of India (SUUTI), under the union government, plans to sell 4.65 crore shares representing 1.55 per cent stake in Axis Bank, as per a regulatory filing. With the sale, the government would completely exit the private sector lender.

As of September 2022, the SUUTI held 4,65,34,903 shares representing 1.55 per cent stake in the bank. The government, at the current market price, is expected to realise about Rs 4,000 crore from the share sale. Shares of Axis Bank on Wednesday closed at Rs 874.35, up 0.17 per cent over the previous close on the BSE.

Shares held in dematerialized form in one or more demat accounts with the relevant depository participant will be offered for sale on November 10, 2022, ('T day') for non-retail investors only and on November 11 (T+1 day) for retail and non-retail investors, Axis Bank said in the regulatory filing.

In May last year, the government sold of 1.95 per cent stake in Axis Bank held through SUUTI for a consideration of about Rs 4,000 crore.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Nov 09 2022 | 9:39 PM IST

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