Representational image
Representational image

The government has raised about Rs 4,000 crore from sale of 1.95 per cent stake in Axis Bank held through SUUTI, DIPAM Secretary Tuhin Kanta Pandey said on Thursday.

"The OFS of Axis Bank got good response from investors with SUUTI garnering about Rs 4,000 cr (subject to reconciliation). Thanks to all for their participation," the Department of Investment and Public Asset Management (DIPAM) secretary tweeted.

Through the two-day offer for sale (OFS), the government sold around 5.80 crore shares or 1.95 per cent stake held in Axis Bank through the Specified Undertaking of the Unit Trust of India (SUUTI) at a floor price of Rs 680 a share.

This includes a base issue size of 3.60 crore shares and a greenshoe option of over 2.20 crore shares.

At the cut off price of Rs 701 a share, the 1.95 per cent stake sale fetched around Rs 4,000 crore to the exchequer.

SUUTI held 3.45 per cent stake in Axis Bank at the end of March 2021.

Shares of Axis Bank closed at Rs 705.90, down 1.51 per cent over previous close on the BSE.

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Free Press Journal