Govt to exit Axis Bank with sale of 1.55% stake on November 10, 11

The Union government, under the Specified Undertaking of the Unit Trust of India (SUUTI), plans to sell its entire 4.65 crore shares representing 1.55% stake in Axis Bank, as per a regulatory filing.

With the sale, the government would completely exit the private sector lender.

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As of September 2022, SUUTI held 4,65,34,903 shares representing 1.55% stake in the bank. The government, at the current market price, is expected to realise about ₹4,000 crore from the share sale.

Shares of Axis Bank on Wednesday closed at ₹874.35, up 0.17% over the previous close on the BSE. Shares held in dematerialised form in one or more demat accounts with the relevant depository participant will be offered for sale on November 10, 2022, (‘T day’) for non-retail investors only and on November 11 (‘T+1 day’) for retail and non-retail investors, Axis Bank said in the regulatory filing.

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The floor price for the offer is ₹830.63.

In May last year, the government sold of 1.95% stake in Axis Bank held through SUUTI for a consideration of about ₹4,000 crore.

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(With agency inputs)