SUUTI to sell 1.55% stake in Axis Bank on November 10, 11
The stake will be sold at Rs 830.53 per share, a regulatory filing stated. The total comes to around Rs 3,865 crore.
The Specified Undertaking of the Unit Trust of India (SUUTI) will sell 46.5 million shares, or a 1.55 percent stake of the total paid-up equity share capital of Axis Bank as of September 30, 2022, on November 10 and 11, SUUTI said in a regulatory filing on Wednesday.
The stake will be sold at Rs 830.63 per share, the filing stated. The total comes to around Rs 3,865 crore. Shares of Axis Bank closed at Rs 870.7 at the close of trading on Wednesday.
On November 1, Bain Capital had sold a 1.24% stake via a block deal — Bain still holds a 3% stake in Axis Bank.
Non-retail investors will be allowed to place bids on Thursday, while only retail investors will place bids the following day.
The sale is being brokered by ICICI Securities Limited, Citigroup Global Markets India Private Limited, Morgan Stanley India Company Private Limited, with ICICI Securities acting as the settlement broker, the filing stated.
First Published: Nov 9, 2022 8:43 PM IST
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