Suuti

The stake, held by the state-owned Specified Undertaking of Unit Trust of India (SUUTI), was sold through block deals in stock markets, said Neeraj Gupta.

The stake, held by the state-owned Specified Undertaking of Unit Trust of India (SUUTI), was sold through block deals in stock markets.

As of end March, LIC owned more than 15 per cent in index majors like ITC (16.32 per cent) and L&T (16 per cent), both part of the Suuti (specified undertaking of the Unit Trust of India) stakes that government owns through LIC, and state- owned Corporation Bank in which it owns 18.91 per cent.

ITC shares rose as much as 5.5 percent in early trade to a record high of Rs 292.15 after news of the sale.

The stake sale is part of the government's plan to raise Rs 56,500 crore from asset sales during the current fiscal year to March.

Government trust fund SUUTI owned more than 8 per cent of Larsen & Toubro as of end-September, according to stock exchange data.

Merchant bankers managing sale of government stake in Axis Bank, L&T and ITC held through SUUTI can enter into a competing transaction with a private company provided they notify SUUTI as and when they enter into any conflict of interest situation.

The Specified Undertaking of UTI (SUUTI) has investments in these 51 listed as well as unlisted companies, like Hindustan Unilever, ITC Ltd, Jaiprakash Associates and a host of Tata Group firms.

Axis Bank on Tuesday said Sanjiv Misra will continue as its non-executive chairman for next three months.

The government is considering diluting its 11.7 per cent stake in Axis Bank it holds through the Specified Undertaking of the Unit Trust of India (SUUTI) to meet shortfall in disinvestment proceeds and revenue collection during the current fiscal.

The government indirectly controls 29.19 per cent in Axis Bank through the administrator of the Specified Undertaking of the Unit Trust of India (SUUTI), the Life Insurance Corporation and four other public sector general insurance companies.

As government seeks to raise Rs 15,000 crore by sale of residual stakes in ITC, L&T and Axis Bank, it has received seven bids from fund houses for managing an exchange traded fund (ETF) created for this purpose.

The government plans to raise around Rs 5,000 crore ($813.4 million) this fiscal year (2014-15) by selling stakes in companies including ITC, Larsen & Toubro and Axis Bank, a senior official with knowledge of policymakers' discussions said on Wednesday.

After the recent surge in markets, the government wants to raise money through selling its stake in the above-mentioned blue chip private companies along with some blue chip public sector companies through an exchange-traded fund, a news report quoting Finance Secretary Arvind Mayaram said

The government held 20.7 per cent in Axis Bank, India's third-largest private-sector bank by assets, via a trust fund called Specified Undertaking of the Unit Trust of India (SUUTI), before the stake sale.

The stake, held by the state-owned Specified Undertaking of Unit Trust of India (SUUTI), was sold through block deals in stock markets, said Neeraj Gupta.

The stake, held by the state-owned Specified Undertaking of Unit Trust of India (SUUTI), was sold through block deals in stock markets.

As of end March, LIC owned more than 15 per cent in index majors like ITC (16.32 per cent) and L&T (16 per cent), both part of the Suuti (specified undertaking of the Unit Trust of India) stakes that government owns through LIC, and state- owned Corporation Bank in which it owns 18.91 per cent.

ITC shares rose as much as 5.5 percent in early trade to a record high of Rs 292.15 after news of the sale.

The stake sale is part of the government's plan to raise Rs 56,500 crore from asset sales during the current fiscal year to March.

Government trust fund SUUTI owned more than 8 per cent of Larsen & Toubro as of end-September, according to stock exchange data.

Merchant bankers managing sale of government stake in Axis Bank, L&T and ITC held through SUUTI can enter into a competing transaction with a private company provided they notify SUUTI as and when they enter into any conflict of interest situation.

The Specified Undertaking of UTI (SUUTI) has investments in these 51 listed as well as unlisted companies, like Hindustan Unilever, ITC Ltd, Jaiprakash Associates and a host of Tata Group firms.

Axis Bank on Tuesday said Sanjiv Misra will continue as its non-executive chairman for next three months.

The government is considering diluting its 11.7 per cent stake in Axis Bank it holds through the Specified Undertaking of the Unit Trust of India (SUUTI) to meet shortfall in disinvestment proceeds and revenue collection during the current fiscal.

The government indirectly controls 29.19 per cent in Axis Bank through the administrator of the Specified Undertaking of the Unit Trust of India (SUUTI), the Life Insurance Corporation and four other public sector general insurance companies.

As government seeks to raise Rs 15,000 crore by sale of residual stakes in ITC, L&T and Axis Bank, it has received seven bids from fund houses for managing an exchange traded fund (ETF) created for this purpose.

The government plans to raise around Rs 5,000 crore ($813.4 million) this fiscal year (2014-15) by selling stakes in companies including ITC, Larsen & Toubro and Axis Bank, a senior official with knowledge of policymakers' discussions said on Wednesday.

After the recent surge in markets, the government wants to raise money through selling its stake in the above-mentioned blue chip private companies along with some blue chip public sector companies through an exchange-traded fund, a news report quoting Finance Secretary Arvind Mayaram said

The government held 20.7 per cent in Axis Bank, India's third-largest private-sector bank by assets, via a trust fund called Specified Undertaking of the Unit Trust of India (SUUTI), before the stake sale.