Morgan Stanley Buys 1.7 Crore Shares Of Axis Bank For ₹2,083 Crore

Morgan Stanley Buys 1.7 Crore Shares Of Axis Bank For ₹2,083 Crore

The shares were purchased at an average price of Rs 1,225.75 apiece, taking the transaction value to Rs 2,083.77 crore.

PTIUpdated: Friday, June 21, 2024, 08:32 PM IST
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Morgan Stanley Buys 1.7 Cr Shares Of Axis Bank For ₹2,083 Crore | Morgan Stanley

US-based investment banking company Morgan Stanley on Friday bought 1.7 crore shares of private sector lender Axis Bank for Rs 2,083 crore through an open market transaction.

According to the bulk deal data available with the National Stock Exchange (NSE), Morgan Stanley & Company International Plc acquired 1,70,00,000 shares, amounting to a 0.5 per cent stake in Axis Bank.

The shares were purchased at an average price of Rs 1,225.75 apiece, taking the transaction value to Rs 2,083.77 crore.

Details of the sellers of Axis Bank's shares could not be ascertained.

Shares of Axis Bank fell 0.60 per cent to close at Rs 1,232.10 per piece on the NSE.

On Wednesday, Axis Bank increased its holding in Max Life to 19.99 per cent for Rs 336 crore.

After the stake purchase, the aggregate shareholding of Axis entities increased from 19.02 per cent to 19.99 per cent.

Axis Bank and its two subsidiaries - Axis Capital Ltd and Axis Securities Ltd - were allowed to collectively own about 20 per cent in Max Life Insurance by the Insurance Regulatory and Development Authority of India (IRDAI).

The stake was acquired as part of a deal closed in 2021 between Axis Bank and Max Life Insurance.

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