Earlier last year too, the government had sold 10 million shares in Axis Bank Stake sale for 600 crores. This deal was also completed through SUUTI.
Axis Bank Stake sell
The government has raised Rs 4,000 crore by selling 1.95 per cent stake in Axis Bank through SUTTI. Deepam Secretary Tuheen Kanta Pandey gave this information. The Secretary of Investment and Public Asset Management (Deepam) tweeted, “Axis Bank’s OFS received a good response resulting in SUUTI raising Rs 4,000 crore.
The government has sold 5.80 crore shares in Axis Bank through a two-day sale offer. It was a 1.95 per cent stake in the bank through the Specialized Undertaking of the Unit Trust of India (SUUTI). The government got close to Rs 4,000 crore from the sale of 1.95 per cent stake at a price of Rs 701 per share.
Government’s share was 2 percent
The government’s stake in Axis Bank is about two per cent. The government has sold its stake through the Specific Undertaking of Unit Trust of India (SUUTI). SUUTI Bank has 3.6 crore shares in this deal, which is 1.21 per cent stake in the bank there. On over subscription, 22 million additional shares will be sold, which is 0.74 per cent stake.
The stake was sold last year as well
Earlier last year too, the government had sold 10 million shares in Axis Bank for 600 crores. This deal was also completed through SUUTI. As of March 31, SUUTI’s stake in the bank is 3.45 per cent. After this deal, its stake will come down to 1.5 per cent.
The exercise of selling the stake of this bank also intensified
At the same time, the exercise of selling shares in IDBI has also intensified. According to media reports, the disinvestment department of the government will issue RFP i.e. Request For Proposal for the next 3-4 weeks for the sale. It will be issued to appoint RFP Transaction Advisor. Let us tell you that the Central Cabinet had approved the strategic disinvestment of IDBI Bank last week. After this there will be many changes in the bank. The government holds 45.48 per cent and LIC has 49.24 per cent stake in this bank. In such a situation, if the government has more than 94 percent stake in IDBI Bank, directly and indirectly.
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