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Govt To Sell SUUTI's 1.55% Stake In Axis Bank Via OFS
The stake sale will be conducted via the Offer for Sale (OFS) mechanism by the Specified Undertaking of The Unit Trust of India, known as SUUTI
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The government has decided to sell a 1.55 per cent stake in Axis Bank held by SUUTI on exchanges.
The sale will see 4.65 crore shares of Axis Bank go on the block on 10 and 11 November at a floor price of Rs 830.63 per share.
The stake sale will be conducted via the Offer for Sale (OFS) mechanism by the Specified Undertaking of The Unit Trust of India, known as SUUTI.
On 10 November, only non-retail investors will be allowed to place their bids, while on 11 November, only retail investors will be allowed to submit bids.
ICICI Securities, Citigroup Global Markets India and Morgan Stanley India will be acting as brokers on behalf of the seller, the lender informed in a regulatory filing.
Axis Bank recorded a strong performance in the September 2022 quarter, with its net profit rising 70 per cent on-year (YoY) to Rs 5,330 crore.
Its net interest income went up by 31 per cent YoY to Rs 10,360.3 crore, and the net interest margin came in at 3.96 per cent, which was a rise of 57 bps YoY.
Shares of Axis Bank closed 0.26 per cent lower on Wednesday at Rs 870.70 on the NSE.