Shares of Axis Bank are likely to see higher activity on Friday, as the Government plans to divest 10 per cent stake in the private sector lender. The Government is planning to sell a portion of its stake held through the Specified Undertaking of Unit Trust of India in Axis Bank. SUUTI holds 20.7 per cent stake in Axis Bank. SUUTI was formed in 2003 with the leftover assets of the US-64 scheme of the Unit Trust of India, following a bailout of the mutual fund.
StanChart IDR redemption begins
Investors and arbitragers may look to the StanChart IDR this week, the only-listed Indian Depository Receipt, as the banking major plans to redeem six crore shares. Standard Chartered Bank had issued 24 crore IDRs with every 10 IDRs representing one ordinary share of $0.5 nominal value of the company in June 2010. The redemption window will open on March 21 and close on March 28. On Thursday, the StanChart IDR closed at ₹112.85 on the BSE.
Reliance MediaWorks: Sound bites on delisting
The stock of Reliance MediaWorks will remain in focus as its promoters have offered to buy back shares worth ₹251 crore from public shareholders as a part of delisting the company's shares from the bourses. Reliance Land Private Ltd and Reliance Capital have offered to purchase 5.16 crore shares, representing 26.70 per cent stake in Reliance MediaWorks. The floor price for the offer has been fixed at ₹48.65. The stock on Thursday closed marginally weaker at ₹57.4.