Axis Bank stake sale fetches Rs 3K cr; disinvestment kitty swells

NEW DELHI: The government has garnered about Rs 3,839 crore by selling a 1.5 per cent stake in Axis Bank, held through SUUTI.

Last week the government sold a 1.5 per cent stake in Axis Bank through the Specified Undertaking of the Unit Trust of India (SUUTI).

The floor price for the offer was Rs 830.63 per equity share.

“Government has received about Rs 3,839 crore from the sale of Axis Bank shares held by SUUTI,” the Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey tweeted.

Shares of Axis Bank closed at Rs 854.65, down 0.44 per cent against the previous close on BSE.

With the sale of the SUUTI stake, the disinvestment proceeds mopped up so far this fiscal increased to Rs 28,383 crore. The budget target from disinvestment in the current fiscal (Apr-March) is pegged at Rs 65,000 crore.