MUMBAI India is aiming to raise 30-40 billion rupees via the sale of a stake held by a state-run trust fund in Axis Bank (AXBK.NS) by month-end, Alok Tandon, joint secretary in the Department of Disinvestment said on Friday.
India holds a 20.7 percent stake in Axis Bank via a trust fund called Specified Undertaking of the Unit Trust of India (SUUTI).
Axis Bank shares were down 3.3 percent at 2:18 p.m, compared with a 0.8 percent fall in the broader Nifty.
(Reporting by Himank Sharma; Additional reporting by Manoj Kumar; Editing by Anand Basuin NEW DELHI)
Trending On Reuters
Prime Minister Narendra Modi met with the Hindu nationalist group Rashtriya Swayamsevak Sangh (RSS) on Friday to discuss his government, in a move that highlighted the organisation's influence but drew criticism from the opposition. Full Article