Government To Sell 1.55% SUUTI Stake In Axis Bank

The central government, through the Specified Undertaking of the Unit Trust of India, will sell a 1.55% stake in Axis Bank Ltd.

SUUTI will sell 4.65 crore equity shares of Axis Bank at a floor price of Rs 830.63 apiece, the bank said in an exchange filing. The stake sale will be through an offer for sale that will open for non-retail investors on Nov. 10 and for retail investors on Nov. 11.

ICICI Securities, Citigroup Global Markets India, and Morgan Stanley are acting as brokers for the offer.

On Nov. 2, Bain Capital Asia Investments offloaded a 0.54% stake in Axis Bank.

The private lender's net profit rose 70% year-on-year to Rs 5,330 crore in the July-September quarter. Net interest income, or core income, rose 31% from a year ago to Rs 10,360 crore. Other income rose marginally by 3.76% to Rs 3,941 crore in the second quarter of the current fiscal.