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.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
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.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
