SUUTI Stake Sale

According to the lender's exchange filing, the government, via SUUTI, will offload 46.5 million shares on November 10, and 11. The floor price for the offer shall be Rs 830.63

In May last year, the government sold of 1.95 per cent stake in Axis Bank held through SUUTI for a consideration of about Rs 4,000 crore

Unsubscribed portion of the OFS will be allotted to non-retail investors

Floor price set at Rs 680 a share; govt keeps option open to sell additional 0.74% stake

Proposed move may fetch Centre Rs 2,300 crore

It waited six months for the stock to touch Rs 600, and then took a call to offload stake. However, decision to lower stake in Axis Bank was taken last year

The Centre currently owns 4.71% in Axis Bank and 7.93% in ITC through SUUTI

The Finance Ministry may consider selling part of its stake in Axis Bank and ITC, held through SUUTI, in next few months, an official said. As on September 30, 2018, Specified Undertaking of Unit Trust of India (SUUTI) held around 9.63 per cent stake in Axis Bank, 7.97 per cent in ITC and 1.80 per cent in L&T. While the government is waiting for L&T to launch a buyback offer to tender its shares; for holding in Axis Bank and ITC, it would consider off-market deals, an official said. "We are open to selling stake in Axis Bank and ITC through bulk or block deals. It all depends on the valuation," the official told PTI. Shares of Axis Bank settled at Rs 666.50, up 0.53 per cent, while ITC was up 2.02 per cent at Rs 295.40 at close of market hours on January 11. A bulk deal is a deal in which more than 0.5 per cent of the total number of shares of a listed company are sold or bought by a single investor in the open market. In a block deal, two parties make a transaction involving .

Market was bracing for a deeper discount and hence the floor price at Rs 1,415.66 per share came as a breather for L&T

Will start with Axis Bank; share sale in 3 tranches, first of which could be in late October or early November

According to sources, department of investment and public asset management will select up to six banks for managing the sale