India plans Axis Bank stake sale to raise up to 53.16b rupees

[MUMBAI] India's government plans to sell a stake of up to 3 per cent in Axis Bank Ltd in an offer that could raise up to 53.16 billion rupees (S$1.01 billion).

The government, which holds a 9.56 per cent stake in the private sector lender through state-owned Specified Undertaking of the Unit Trust Of India (SUUTI), will sell up to 50.8 million shares, or a 1.98 per cent holding, to non-retail investors on Feb 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 per cent, 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 per cent at 710.85 rupees on Monday.

REUTERS