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14-Jan2019

Govt may sell stake in Axis Bank, ITC held via SUUTI

Finance Ministry may consider selling part of its stake in Axis Bank and ITC, held through Specified Undertaking of Unit Trust of India (SUUTI), in next few months. SUUTI held around 9.63% stake in Axis Bank and 7.97% in ITC, as on September 30, 2018. For holding in Axis Bank and ITC, government will consider off-market deals.

A bulk deal is a deal in which more than 0.5% 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 shares worth at least Rs 5 crore. Block deal transactions are conducted in a separate trading window.

Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.


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