On Tuesday, the portion for non-retail investors was subscribed 1.68 times, and the Specified Undertaking of Unit Trust of India (SUUTI) informed the exchanges it has decided to exercise the greenshoe option to sell an additional 26 million or 1.02 per cent of equity shares in the company.
Earlier, SUUTI said it proposed to sell up to 50.7 million shares, with an option to additionally sell 26.3 million shares it owns in Axis Bank. The floor price was set at Rs 689.52 a share, roughly a discount of 3 per cent to the February 11 closing price of Rs 710.35 a share.
The government is expected to raise Rs 5,316 crore through the sale. SUUTI, which was created to take over parts of the assets and liabilities of the now-defunct Unit Trust of India (UTI), owned 9.56 per cent stake in Axis Bank at the end of December 2018. The sale is a part of the government’s efforts to meet its disinvestment target of Rs 80,000 crore.
The shares of Axis Bank closed at Rs 697.25, higher than the offer price. ICICI Securities, Morgan Stanley India, and Citigroup Global Markets India were the managers for sale.
To read the full story, Subscribe Now at just Rs 249 a month
Already a subscriber? Log in
Subscribe To BS Premium
₹249
Renews automatically
₹1699₹1999
Opt for auto renewal and save Rs. 300 Renews automatically
₹1999
What you get on BS Premium?
-
Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
-
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
Need More Information - write to us at assist@bsmail.in