SUUTI to sell up to 3% stake in Axis Bank via OFS

Axis Bank’s SUUTI block is valued at about Rs5,316cr.

Feb 12, 2019 02:02 IST India Infoline News Service

Axis Bank, in it filing to the exchanges informed that the Specified Undertaking of Unit Trust of India (SUUTI) will sell up to 3% stake in the Bank.

The floor price has been set at Rs689.52 per share, roughly a 3% discount to the February 11 closing price of Rs710.35 per share, the bank said in a press note after market hours to the exchanges on Monday.

Axis Bank’s SUUTI block is valued at about Rs5,316cr.

A total of ~50cr equity shares with a face value of Rs2 or 1.98% equity will be on offer with an option to sell an additional 26cr shares or 1.02% of the equity in case of oversubscription, the bank stated.

The offer will open on February 12 for non-retail investors, while bidding for retail investors and non-retail investors who choose to extend their un-allotted bids will be on February 13. About 10% of the offer size will be reserved for retail investors.

SUUTI held 9.56% stake in Axis Bank at the end of December 2018.

Axis Bank Ltd's share price ended at Rs710.35, down by Rs7.9 or 1.1%, from its previous close of Rs718.25 on the BSE.
The scrip opened at Rs720.85 and touched a high and low of Rs720.90 and Rs706, respectively. A total of 75,79,671 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs1,82,572.93cr.

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