Axis Bank OFS subscribed 2.58 times on Day 2

NEW DELHI: The offer for sale (OFS) by Axis Bank was subscribed over 2.50 times by retail investors so far Wednesday. The strong response by small investors came a day after the issue got an overwhelming response from non-retail investors in the previous session.

By 11.30 am, the issue had retail received bids for 1.98 crore shares, which was 2.58 times the total size of 77.09 lakh shares. The portion for retail category was fixed at 10 per cent.

On Tuesday, the quota set for non-retail investors was subscribed 2.56 times wherein, with the portion receiving non-retail bids for 11.69 crore shares against the total size of 4.56 crore shares.

The bank is offering up to 50,759,949 equity shares with an option to sell an additional 26,337,187 equity shares.

With this, the Centre is seeking to raise around Rs 5,316 crore by selling its 3 per cent stake in the private lender, held through the Specified Undertaking of the Unit Trust of India (SUUTI).

SUUTI owns around 9.63 per cent in Axis Bank, 7.97 per cent in ITC and 1.80 per cent in L&T.