<article>The government plans to sell a stake of up to 3 percent in <a href="https://www.dealstreetasia.com/?s=Axis Bank Ltd" target="_blank" rel="noopener">Axis Bank Ltd</a> in an offer that could raise up to 53.16 billion rupees ($747.8 million).</article>

The government plans to sell a stake of up to 3 percent in <a href="https://www.dealstreetasia.com/?s=Axis Bank Ltd" target="_blank" rel="noopener">Axis Bank Ltd</a> in an offer that could raise up to 53.16 billion rupees ($747.8 million).
The government, which holds a 9.56 percent stake in the private sector lender through state-owned <a href="https://www.dealstreetasia.com/?s=Specified Undertaking of the Unit Trust Of India (SUUTI)" target="_blank" rel="noopener">Specified Undertaking of the Unit Trust Of India (SUUTI)</a>, will sell up to 50.8 million shares, or a 1.98 percent holding, to non-retail investors on February 12, SUUTI said in a filing to the stock exchanges.
Retail and non-retail investors will have an option to buy an additional 26.3 million shares, or 1.02 percent, of Axis Bank on Feb. 13.
The sale will have a floor price of 689.52 rupees per share. Axis Bank shares closed down 1.2 percent at 710.85 rupees on Monday.
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Reuters

The government, which holds a 9.56 percent stake in the private sector lender, will sell up to 50.8 million shares, or a 1.98 percent holding.

Indian govt plans Axis Bank stake sale to raise up to $748m

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Indian govt plans Axis Bank stake sale to raise up to $748m

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