Axis Bank on Friday said that the Specified Undertaking of Unit Trust of India (SUUTI) has sold 3 per cent stake in the bank through offer-for-sale (OFS).
Axis Bank on Friday said that the Specified Undertaking of Unit Trust of India (SUUTI) has sold 3 per cent stake in the bank through offer-for-sale (OFS), CNBC TV18 reported citing the private lender. The OFS received an overwhelming response with the issue getting subscribed by 1.88 times. Of the overall OFS size of 7.7 crore shares, non-retail investors put in bids for 14.36 crore shares while retail investors bid for 16.41 lakh shares only.
On Monday, government announced that it will come out with an OFS for its Axis Bank stake held through the SUUTI. The SUUTI plans to sell up to 5 crore shares of face value Rs 2 each of the private lender. The floor price was set at Rs 689.52 per share.
“The Specified Undertaking of the United Trust of India (the “Seller”) proposes to sell up to 50,759,949 (1.98%) equity shares of face value of Rs. 2 each of AXIS Bank Ltd (the “Company”) (“Base Offer Size”), on February 12, 2019 (“T day”), (for non-Retail Investors only) and on February 13, 2019 (“T+1 day”) (for Retail Investors and non-Retail Investors who choose to carry forward their un-allotted bids) with an option to additionally sell 26,337,187(1.02%) equity shares of the Company….”, Axis Bank had then said in a regulatory filing.
While non-retail investors were allowed to place their bids on February 12 (T day), retail Investors could bid on February 13 (T+1 day). The government is likely to earn nearly Rs 5,300 crore as SUUTI sold 3 per cent stake in Axis Bank.