Govt to sell nearly 2% SUUTI stake in Axis Bank, may get Rs 3,969 cr

The govt will market nearly 2 for each cent stake in Axis Lender Ltd. held by Specified Enterprise of the Unit Rely on of India (SUUTI), a transfer that’s predicted to fetch all over Rs 3,969 crore to the exchequer in divestment receipts.

The govt will market its one.21 for each cent stake or 36 million shares in Axis Lender with the flooring value established at Rs 680 a share. It has also kept the selection to on top of that market its .74 for each cent or 22 million shares in the private sector lender. In February, Business Standard had documented that the govt options to market its one-2 for each cent stake in Axis Lender.

The sale of one.ninety five for each cent stake in India’s third most significant private sector lender could assist the govt mop up all over Rs 3,949 crore in divestment receipts. Write-up the sale, the govt would keep on to hold a one.5 for each cent stake in Axis Lender by SUUTI.

The offer you would open up up for non-retail investors on Might 19, and this sort of investors would be authorized to suggest their willingness to have ahead their unallocated bids to the next day for allocation from the unsubscribed portion for retail investors. The problem will open up for retail investors on Might twenty.

As markets have not been impacted much by the next wave of the Covid-19 pandemic, the govt would keep on with its stake sale and privatisation programme, an formal reported. Having said that, there may perhaps be some delays in the privatisation generate as actual physical mobility has been restricted, he extra. The govt aims to garner Rs one.seventy five trillion in divestment receipts for the ongoing fiscal. It had gathered Rs 32,835 crore in divestment receipts as from the revised concentrate on of Rs 32,000 crore.

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