Indian government considers stake sale in Axis Bank for nearly $1.7b

Photo: Reuters

The Indian government is mulling to sell part or all of its stake in the nation’s third-biggest private sector lender Axis Bank Ltd for about $1.7 billion to cut down fiscal deficit and meet annual asset sales target, said a report in Bloomberg.

The government is looking to sell its entire 11.59 per cent stake in the bank through the Specified Undertaking of the Unit Trust of India as it seeks to meet an asset sale target of $10.4 billion (695 billion rupees) for the year ending March 31, 2016.

As on date, the government has managed to raise only 127 billion rupees from sale of state assets, which is less than one-fifth of the proposed target, the report said.

Indian finance minister Arun Jaitley has set the country’s fiscal deficit target for the financial year 2015-16 at 3.9 per cent of gross domestic product. He is looking to reduce the target gradually to 3 per cent by 2017-18.

Axis Bank’s net profit rose 18.93% to Rs 1915.64 crore in the quarter ended September 2015 over the same period a year ago. The bank’s total income rose 13.75% Rs 12001.01 crore in September quarter over the same period last year.

Also Read: India: Dena Bank gets board approval to dilute government’s stake to 52%

India: Union Bank gets CCI nod to buy out partner stake in asset management JVs

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.