New Delhi: In accordance with a regulatory filing, the union government’s Specified Undertaking of the Unit Trust of India (SUUTI) intends to sell 4.65 crore shares or 1.55 per cent of Axis Bank. The government would entirely leave the private sector lender after the transaction.
The SUUTI owned 4,65,34,903 shares, or 1.55 per cent of the bank, as of September 2022. The government anticipates making around Rs 4,000 crore from the share sale at the current market price. On Wednesday, Axis Bank shares finished at Rs. 874.35, up 0.17 per cent from the previous BSE close.
Axis Bank stated in the regulatory filing that shares held in dematerialized form in one or more Demat accounts with the pertinent depository participant would be offered for sale on November 10, 2022 (the “T day”) for non-retail investors only and on November 11, 2022 (the “T+1 day”) for retail and non-retail investors.
The government sold its 1.95 per cent share in Axis Bank through SUUTI in May of last year for a price of roughly Rs 4,000 crore.