The Specified Undertaking of the Unit Trust of India (SUUTI) plans to sell atleast 3.6 crore shares of Axis Bank, which represents 1.21 per cent stake in the private sector lender.
SUUTI may choose to sell an additional 2.2 crore equity shares in Axis Bank, representing 0.4 per cent of the total paid up equity share capital of the lender.
The offer for sale will be on May 19 and 20.
“The floor price for the offer shall be ₹680 per equity share,” said a regulatory filing by Axis Bank on Tuesday. This would represent a 4.7 per cent discount over Tuesday’s closing price of ₹711.9 apiece on BSE.
The transaction could fetch at least ₹2,448 crore, while if it sells the additional 2.2 crore shares as well, could bring in a total of ₹3,944 crore.
As of March 31, 2021, SUUTI, which is a promoter of Axis Bank, held 10.31 crore shares amounting to 3.45 per cent stake in the lender.
ICICI Securities, Citigroup Global Markets India and Morgan Stanley India are the main brokers on behalf of SUUTI.