The government got Rs 3,839 crore from the sale of 1.5% share of Axis Bank


New Delhi: By selling its 1.5% stake in Axis Bank, which is owned through SUUTI, the government has made about Rs 3,839 crore.

Last Monday, the government sold a 1.5% stake in Axis Bank through the Unit Trust of the Indian Defined Undertaking (SUUTI). The minimum offer price for the equity shares was Rs. 830.63.

“Government has received about Rs 3,839 crore from the sale of shares of Axis Bank owned by SUUTI,” tweeted Investment and Public Asset Management Minister Tohin Kantha Pandey.

Shares of Axis Bank fell by 0.44 percent from the previous close on the Bahrain Bourse to settle at Rs. 854.65.

The divestment proceeds raised so far this year rose to Rs.28,383 crore with the sale of the SUUTI stake. The divestment budget target for the current financial year (April to March) has been set at Rs.65,000 crore.

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