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Specified Undertaking of the Unit Trust of India (SUUTI) is looking at selling 3.6 crore shares via offer for sale (OFS) in private lender Axis Bank at a floor price of Rs 680 per share. This will help the government raise up to Rs 3,949.34 crore.
“The seller proposes to sell up to 36,000,000 equity shares of the company, (representing up to 1.21 per cent of the total issued and paid up equity share capital of the company as on March 31, 2021), on May 19, 2021, (T day) (for non-retail investors only),” Axis Bank said in a regulatory filing.
This excludes equity shares underlying depository receipts or the oversubscription option which represents 1.95 percent of outstanding equity shares of the company as on March 31, 2021, excluding equity shares underlying depository receipts, i.e. 5.80 crore equity shares.
As of March 31, 2021, SUUTI holds 3.45 percent stake in Axis Bank.
ICICI Securities Limited, Citigroup Global Markets India Private Limited and Morgan Stanley India Company Private Limited are brokers for SUUTI.
Retail investors and non-retail investors, including who choose to carry forward their unallocated bids will be able to participate on May 20, (T+1 day), and there would be an option to additionally sell 22,078,568 equity shares, representing 0.74 per cent of the total issued, subscribed and fully paid-up equity share capital.
Shares of Axis Bank on the BSE closed at Rs 711.90 per piece on Tuesday.
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