Modi government will sell Axis Bank completely, know how much money you will get


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Axis bank: The government is about to sell its entire stake in private sector bank Axis Bank. The government has a total stake of 1.55 per cent in Axis Bank. The government is planning to sell 4.65 crore shares of its share. The Central Government’s Specified Undertaking of the Unit Trust of India (ASUUTI) holds 1.55 per cent stake in Axis Bank. The government wants to complete this process soon.

Government entity SUUTI held 4,65,34,903 shares in Axis Bank as of September 2022. As a percentage, it has a share of 1.55 percent. By selling the stake, the government is expected to get around Rs 4,000 crore from the current market price. The shares of Axis Bank are trading around Rs 874.35.

Last year too the stake was sold

Government body SUUTI had sold its 1.95 per cent stake in Axis Bank in May last year. The company then sold shares worth about Rs 4,000 crore. In an exchange filing, the company said that on the first day of the offer on November 10, only non-retail investors would be allowed to place their bids. Retail investors will be able to bid on November 11. The company has said that 25 percent of the OFS will be allotted to mutual funds registered with SEBI and insurance companies of IRDAI. (Government of India to sell shares of Axis bank)

Modi government will sell Axis Bank completely

ICICI Securities will act as a broker

ICICI Securities, Citigroup Global Markets India and Morgan Stanley India will act as brokers to help the government sell their stake. Just a week ago, US-based private equity firm Bain Capital sold its 0.54 per cent stake in Axis Bank through an open market transaction. The company had sold the stake for Rs 1,487 crore.

Modi government will sell Axis Bank completely

Axis Bank had posted stellar profits in the quarter of September 2022. The net profit of the bank was increasing by 70 percent to Rs 5,330 crore. The government’s stake sale may have some impact on its profits.

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english summary

Modi government will sell Axis Bank completely know how much money you will get

The government is about to sell its entire stake in private sector bank Axis Bank. The government owns 1.55 per cent stake in Axis Bank.

Story first published: Thursday, November 10, 2022, 11:06 [IST]





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