Government to sell 1.55% stake in Axis Bank

The Government is planning to sell a 1.55% stake in Axis Bank through an offer for sale, a government investment vehicle, the Specified Undertaking of the Unit Trust of India, said.

SUUTI will sell 46.5 million shares in Axis Bank representing 1.55% of its equity, it said.

The floor price for the offer is 830.63 rupees per share, it added.

Based on shareholding data available on the Bombay Stock Exchange, SUUTI held a 1.55% stake in the bank, suggesting it will completely exit this via the offer for sale.

The shareholding was transferred to the investment vehicle in 2003 when a scheme of the Unit Trust of India failed and was bailed out.