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
The Reserve Bank of India (RBI) kept its key lending rate unchanged on Tuesday, leaving the door open for more easing but making that dependent on meeting a challenging inflation target for 2017. Full Article