Govt likely to exit 1.55% stake sale in Axis Bank, aims to fetch Rs 4,000 crore

New Delhi: According to a regulatory filing, the Union Government’s Specified Undertaking Unit Trust of India (SUUTI) intends to sell 4.65 million shares or 1.55 percent of Axis Bank . The government would leave the private sector lender entirely after the transaction.

SUUTI held 4,65,34,903 shares, or 1.55 percent of the bank, as of September 2022. The government expects to earn about Rs 4,000 crore from the sale of shares at the current market price. On Wednesday, shares of Axis Bank ended at Rs. 874.35, 0.17% more than the previous closing of the EEB.

Axis Bank stated in the regulatory filing that the shares held in dematerialized form in one or more Demat accounts with the relevant depository participant will be put up for sale on November 10, 2022 (the “T-day”) only to non-investors retailers and in November. 11, 2022 (the “T+1 day”) for retail and non-retail investors.

The government sold its 1.95 percent stake in Axis Bank through SUUTI in May last year for a price of approximately Rs 4,000 crore.