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India seeks to sell stake in Axis Bank by month-end
March 14, 2014 / 8:53 AM / 4 years ago

India seeks to sell stake in Axis Bank by month-end

MUMBAI (Reuters) - 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.

An employee speaks on his mobile phone as he walks inside Axis Bank's corporate headquarters in Mumbai July 17, 2012. REUTERS/Vivek Prakash/Files

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

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