The government through the Specified Undertaking of the Unit Trust of India (SUUTI) has said that it will sell its 1. 6% stake in Axis Bank. At current market price of Rs 874, the stake is worth £444.3 million.
The first person to promote Axis Bank (formerly UTI Bank) is SUUTI. According to the bank, the sale will be carried out through the offer for sale procedure. Only non-retail investors will be permitted to submit bids on the first day of the sale. A week after private equity investor Bain Capital sold a 0.5 per cent share for £148.7 million, the government made an offer for sale.
For FY23, the centre has set a disinvestment target of £6.5 bn. After the government bailed out the mutual funds' flagship US 64 scheme, the SUUTI was established in 2002 to oversee the liquidation of the core investments made by the former Unit Trust of India.
