Govt may lower SUUTI stake in Axis Bank by a further 0.7%, mop up Rs 800 cr

It waited six months for the stock to touch Rs 600, and then took a call to offload stake. However, decision to lower stake in Axis Bank was taken last year

Topics
SUUTI stake sale | Axis Bank | Suuti

Indivjal Dhasmana  |  New Delhi 

The government is planning to cut more 0.4-0.7 per cent stake in Axis Bank held through Specified Undertaking of The Unit Trust of India (SUUTI) if the current upward movement in the private lender's stock price continues, according to a key official. The government had, through SUUTI, lowered its stake in Axis Bank from 4.24 per cent to 3.92 per cent as on December 4.

The government’s plan is to lower its stake held through SUUTI in India’s third largest private sector bank by 0.7-1 per cent. It has already sold about 0.3 per cent in the private sector lender, mopping ...

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First Published: Tue, December 08 2020. 18:02 IST
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