Govt seeks up to $935 million in Axis Bank stake sale: Sources

Tags: Companies
The government has launched its sale offer on a 9 percent stake in Axis Bank Ltd that could raise up to $935 million, two sources with direct knowledge of the development said on Thursday.

The government holds in total 20.7 percent of Axis Bank, India's third-largest private-sector bank by assets, via a trust fund called Specified Undertaking of the Unit Trust of India.

The share sale is part of the government's campaign to raise revenues and meet its revised fiscal deficit target of 4.6 percent of gross domestic product in the financial year ending on March 31.

The indicative price band for the Axis Bank share sale has been set at roughly 1,290 rupees to 1,357 rupees a share, said the sources, a discount of as much as 5 percent from its closing price on Thursday of 1,357.35 rupees.

The sources declined to be named as they were not authorised to speak to the media. India's finance ministry officials were not immediately available for comments.

The government, through the Special Undertaking of Unit Trust of India, also has stakes in cigarette maker ITC Ltd and engineering and construction firm Larsen & Toubro Ltd.

Citigroup Inc, JPMorgan Chase & Co and India's JM Financial Ltd were appointed by the government in January to manage the stake sale.


  • EPFO would do well to have better risk management of available cash

    The Employees’ Provident Fund Organisation (EPFO) is apparently revisiting its decision to invest about Rs 6,000 crore in stocks this year.


Stay informed on our latest news!


Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs


Amita Sharma

Smart cities for the smart citizens

The 21st century has been spoken of as the urban ...

Zehra Naqvi

The prejudiced childhood

Sometimes the most unusual things can remind you of the ...

Gautam Gupta

To read about online videos, click here

ONce, not so long ago, exhorbitant costs had made sure ...


William D. Green

Chairman & CEO, Accenture