Business News

SUUTI to sell up to 3% stake in Axis Bank

Mumbai, Feb 11 (IANS) The Specified Undertaking of Unit Trust of India (SUUTI) has offered to sell up to 1.98 per cent stake in Axis Bank starting at a floor price of Rs 689.52 per share, with plans to additionally sell 1.02 per cent equity shares.

SUUTI, in a statement, said that it will sell up to 5.1 crore shares on the stock exchanges on Tuesday and Wednesday.

“The seller (SUUTI) proposes to sell up to l50,759,949 (1.98 per cent) equity shares of face value of Rs 2 each of the company (base offer size), on February 12, 2019 (T day), (for non-retail investors only) and on February 13, 209 (T+1 day) (for retail investors and non-retail investors who choose to carry forward their unallotted bids) with an option to additionally sell 26,337,187 (1.02 per cent) equity shares of the company,” it said.

On Monday, shares of Axis Bank closed at Rs 710.35, lower by Rs 7.90 or 1.10 per cent from the previous close.



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