The Specified Undertaking of Unit Trust of India (SUUTI) is planning to off-load up to 3% stake in Axis Bank, which may yield government Rs 5,316 crore. The floor price has been set at Rs 689.52 per share, a discount of around 3% to the February 11 closing price of Rs 710.35 per share.
A total of 50,759,949 equity shares with a face value of Rs 2 or 1.98 percent equity will be on offer with an option to sell an additional 26,337,187 shares or 1.02 percent of the equity in case of oversubscription.
Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
