The government has decided to sell its stake from Axis Bank. The government will sell its 2 percent stake in this bank for 4000 crores.
New Delhi. There is big news in relation to Axis Bank, a private sector bank. The government has decided to sell its stake from Axis Bank. The government will sell its 2 percent stake in this bank for 4000 crores. The government will sell 5.8 crore shares of this bank. The government will sell about 5.8 crore shares from this bank. Under the offer for sale, it will be sold for 680 rupees per share, which is a 4.4 percent discount on Tuesday’s closing price. Please tell that on Tuesday it closed at the level of 711 rupees. The bank has given this information to the exchange.
Will be able to bid today and tomorrow
According to the information given by the bank, non-retail investors will be able to bid on May 19 and retail investors on May 20. A quarter of 5.8 crore shares have been reserved for retail investors. According to the deal, the base size of this offer is 3.6 crores, which is worth 2450 crores. This is 1.2 percent of the bank’s total share. The promoter holds 51.43 per cent stake in this bank. LIC holds 8.19 per cent stake. Axis Bank was earlier UTI Bank and had its bifurcation in 2000.
Will sell stake through SUUTI
The government will sell its stake in Axis Bank through the Specific Undertaking of Unit Trust of India (SUUTI). It holds 1.21 per cent stake in the bank. On over subscription, 22 million additional shares will be sold, which is 0.74 per cent stake.
