Shares of Axis Bank opened lower by 1.32 per cent at Rs 702.45. The counter closed at Rs 711.90 on Tuesday. The OFS will open for non-retail investors on Wednesday, while retail investors can bid on Thursday.
The government is selling 35 million shares, or 1.21 per cent stake, in the private lender, as a base offer with a green-shoe option of 22 million shares, or 0.74 per cent stake. The floor price for the stake sale has been fixed at Rs 680 apiece.
As of December 31, 2018, SUUTI held 9.56 per cent stake in Axis Bank, which was reduced to 3.45 per cent as of March 31, 2021. Shares of Axis Bank have delivered over 115 per cent return in last one year from its 52-week low. However, it is 14 per cent down from its 52-week peak.
SUUTI sold 6.14 million shares of Axis Bank in December last year, garnering Rs 374 crore for the government. In November, it had sold 3.6 million shares for a consideration of Rs 221.47 crore.
The government has set an ambitious target of Rs 1.75 lakh crore from disinvestments and strategic sales for FY22, announced in the union budget on February 1 this year. Earlier this month, the Cabinet Committee on Economic Affairs gave its in-principle approval for strategic divestment and transfer of management control in
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The government would privatise two public sector banks and one general insurance company during FY22. The government is planning a mega initial public offer of Life Insurance Corporation. It has also announced the sale of .
