Govt raises ₹4,000 crore from Axis Bank stake sale

The government has raised ₹4,000 crore through the sale of about 1.95% stake held in Axis Bank through the Specified Undertaking of the Unit Trust of India (SUUTI).

The offer for sale of Axis Bank shares, that began on Wednesday, got ‘a good response from investors with SUUTI garnering about ₹4,000 crore (subject to reconciliation),’ said DIPAM Secretary Tuhin Kanta Pandey.

SUUTI, which was set up to take care of the assets of the erstwhile Unit Trust of India scheme called US-64, is expected to be left with another 1.5% stake in the bank after this transaction.

The government had set a target of raising ₹1.75 lakh crore from disinvestment of its stakes in public sector enterprises.



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