Government trims SUUTI’s stake in Axis Bank
SUUTI offloaded 36,25,075 shares of Axis Bank between November 26-27.
By ETMarkets.com |
BCCL
MUMBAI: The government sold some of Specified Undertaking of The Unit Trust of India’s (SUUTI) stake in private lender Axis Bank last week, data released on BSE showed.
SUUTI offloaded 36,25,075 shares of Axis Bank between November 26-27, bringing its stake in the lender down to 4.12 per cent from 4.24 per cent earlier.
In May, the government had decided to sell the remaining stake in companies held under SUUTI. It had expected to raise around Rs 22,000 crore by selling its then 7.93 per cent and 4.6 per cent stake in ITC and Axis Bank, respectively.
In reaction, shares of Axis Bank were up 0.79 per cent at Rs 608.30, while benchmark Sensex dropped 0.11 per cent to 44,607.89 points.
SUUTI offloaded 36,25,075 shares of Axis Bank between November 26-27, bringing its stake in the lender down to 4.12 per cent from 4.24 per cent earlier.
In May, the government had decided to sell the remaining stake in companies held under SUUTI. It had expected to raise around Rs 22,000 crore by selling its then 7.93 per cent and 4.6 per cent stake in ITC and Axis Bank, respectively.
In reaction, shares of Axis Bank were up 0.79 per cent at Rs 608.30, while benchmark Sensex dropped 0.11 per cent to 44,607.89 points.
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