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

The government holds a 9.56% stake in the private sector lender through state-owned Specified Undertaking of the Unit Trust Of India

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

Axis Bank shares closed down 1.2 per cent at Rs 710.85 on Monday.


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)



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