The Centre is selling up to 58 million offers in Axis Bank, held by means of the Specified Undertaking of the Unit Trust of India (SUUTI) to raise around ₹4,000 crores.
These offers are sold through the proposal available to be purchased (OFS) course. The OFS will open for non-retail financial backers on Wednesday, while retail financial backers can offer on Thursday. The public authority is selling 35 million offers, or 1.21% stake, in the organization as a base proposal with a green-shoe alternative of 22 million offers, or 0.74% stake, at a story cost of ₹680 each. Portions of Axis Bank acquired barely on Tuesday to close at ₹711.90 on BSE.
The public authority has chosen to sell 2% stake in the private area bank Axis Bank. The public authority will sell 5.8 crore portions of this bank. Through this, she will gather around 4000 crores. Under the proposal available to be purchased, it will be sold for 680 rupees for each offer, which is a 4.4 percent markdown on Tuesday's end cost. On Tuesday, it had shut at the degree of Rs 711.
Non-retail financial backers will actually want to offer on May 19 and retail financial backers on May 20. The bank has given this data to the trade. A fourth of 5.8 crore shares have been held for retail financial backers. As per the arrangement, the base size of this offer is 3.6 crores, which is worth 2450 crores. This is 1.2 percent of the bank's complete offer. The advertiser holds 51.43 percent stake in this bank. LIC holds 8.19 percent stake. Hub Bank was before UTI Bank and had its bifurcation in 2000.
The public authority will sell its stake in Axis Bank through the Specific Undertaking of Unit Trust of India (SUUTI). SUUTI will sell 3.6 crore portions of the bank in this arrangement. It holds 1.21 percent stake in the bank. On over membership, 22 million extra offers will be sold, which is 0.74 percent stake. A year ago, the public authority sold 10 million offers in Axis Bank for 600 crores. This arrangement was likewise finished through SUUTI. As of March 31, SUUTI's stake in the bank is 3.45 percent. After this arrangement, its stake will boil down to 1.5 percent.
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