Government Plans Axis Bank Stake Sale To Raise Up To Rs 5,316 Crore

The government plans to sell a stake of up to 3 per cent in Axis Bank in an offer that could raise up to Rs 5,316 crore ($747.8 million).

The government, which holds a 9.56 per cent stake in the private sector lender through state-owned Specified Undertaking of the Unit Trust Of India (SUUTI), will sell up to 50.8 million shares, or a 1.98 per cent holding, to non-retail investors on February 12, SUUTI said in a filing to the stock exchanges.

Retail and non-retail investors will have an option to buy an additional 26.3 million shares, or 1.02 per cent, of Axis Bank on February 13.

The sale will have a floor price of Rs 689.52 per share. Axis Bank shares closed down 1.2 per cent at Rs 710.85 on Monday.

($1 = Rs 71.08)