February 11, 2019 / 2:21 PM / a year ago

Government plans Axis Bank stake sale to raise up to $748 million

Brochures are seen at a branch of Axis Bank in Mumbai, January 22, 2018. REUTERS/Danish Siddiqui/Files

(Reuters) - The government plans to sell a stake of up to 3 percent in Axis Bank Ltd in an offer that could raise up to 53.16 billion rupees ($747.8 million).

The government, which holds a 9.56 percent stake in the private sector lender through state-owned Specified Undertaking of the Unit Trust Of India (SUUTI), will sell up to 50.8 million shares, or a 1.98 percent holding, to non-retail investors on February 12, SUUTI said in a filing to the stock exchanges. reut.rs/2DwD4lG

Retail and non-retail investors will have an option to buy an additional 26.3 million shares, or 1.02 percent, of Axis Bank on Feb. 13.

The sale will have a floor price of 689.52 rupees per share. Axis Bank shares closed down 1.2 percent at 710.85 rupees on Monday.

($1 = 71.085 Indian rupees)

Reporting by Chris Thomas in Bengaluru; Editing by James Emmanuel

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below