Axis Bank declines nearly 2% on SUUTI stake sale report

Under the promoter entity, the government through SUUTI held 9.56 percent stake in the bank, as of December 2018 while 14.15 shareholding is held by state-run insurance companies.

Axis Bank shares slipped 1.7 percent in morning on Tuesday on the back of dilution of shareholding by Specified Undertaking of the United Trust of India (SUUTI).

The stock was quoting at Rs 709.25, down Rs 1.10, or 0.15 percent on the BSE, at 10:15 hours IST.

The private sector lender on Monday said SUUTI proposed to sell up to 5,07,59,949 (representing 1.98 percent of paid-up equity) equity shares of the bank with an option to additionally sell 2,63,37,187 (1.02 percent) equity shares through offer for sale.

The offer for sale issue opened on Tuesday (February 12) for non-retail investors only and will remain opened on Wednesday (February 13) for retail as well as non-retail investors

“In case the oversubscription option is not exercised, the equity shares forming part of the base offer size will be referred to as offer shares,” Axis Bank said, adding the stake sale has been taking place through a separate, designated window of the BSE Limited and the National Stock Exchange of India.

The floor price for the offer is fixed at Rs 689.52 per share.Under the promoter entity, the government through SUUTI held 9.56 percent stake in the bank, as of December 2018 while 14.15 shareholding is held by state-run insurance companies.

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