Govt to sell nearly 2% SUUTI stake in Axis Bank, may get Rs 3,969 cr

Joseph B. Hash

The government will market almost two per cent stake in Axis Bank Ltd. held through Specified Undertaking of the Unit Rely on of India (SUUTI), a go that is anticipated to fetch about Rs 3,969 crore to the exchequer in divestment receipts. The government will market its 1.21 per cent […]

The government will market almost two per cent stake in Axis Bank Ltd. held through Specified Undertaking of the Unit Rely on of India (SUUTI), a go that is anticipated to fetch about Rs 3,969 crore to the exchequer in divestment receipts.

The government will market its 1.21 per cent stake or 36 million shares in Axis Bank with the flooring price set at Rs 680 a share. It has also saved the option to also market its .74 per cent or 22 million shares in the non-public sector loan company. In February, Business Common had reported that the government strategies to market its 1-two per cent stake in Axis Bank.

The sale of 1.ninety five per cent stake in India’s third most significant non-public sector lender could aid the government mop up about Rs 3,949 crore in divestment receipts. Article the sale, the government would proceed to keep a 1.5 per cent stake in Axis Bank through SUUTI.

The supply would open up up for non-retail buyers on May 19, and this sort of buyers would be allowed to reveal their willingness to carry ahead their unallocated bids to the next day for allocation from the unsubscribed part for retail buyers. The situation will open up for retail buyers on May 20.

As markets have not been impacted much by the next wave of the Covid-19 pandemic, the government would proceed with its stake sale and privatisation programme, an official reported. However, there might be some delays in the privatisation push as actual physical mobility has been restricted, he additional. The government aims to garner Rs 1.75 trillion in divestment receipts for the ongoing fiscal. It had gathered Rs 32,835 crore in divestment receipts as in opposition to the revised target of Rs 32,000 crore.

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