INSUBCONTINENT EXCLUSIVE:
The share sale in Axis Bank by the government on Thursday garnered more bids than shares on offer
The 46.53 million offer for sale (OFS) received bids for 48.54 million shares from institutional investors, stock exchange data showed
Most of the bids came at an indicative price of Rs 836, higher than the base price of Rs 830.6.
About 4.6 million shares reserved for
retail investors will be auctioned on Friday
the government will be able to mop up Rs 4,000 crore, which will go towards the disinvestment kitty.
The shares of Axis Bank belonged to
the Administrator of the Specified Undertaking of the Unit Trust of India (Suuti), which was created in 2002 after UTI's US-64 investment
Over the years, the government divested this holding, with the last instance coming in May 2021, when it offloaded 56.6 million shares, or
Bank trading lower in the short-term, especially since it comes hot on the heels of Bain's partial stake sale last week
who publishes on Smartkarma.
Shares of Axis Bank 3.7 per cent to finish at Rs 841.4 on Thursday
Stanley India were the investment banks that handled the share sale
The three banks were roped in by the government in 2016 to manage divestment of stakes held by Suuti
