Centre receives ₹3,839 cr from Axis Bank stake sale; disinvestment kitty swells

  • With the sale of the SUUTI stake, India has mopped up 28,383 crore in divestment receipts. The budget target from disinvestment in the current fiscal (Apr-March) is pegged at 65,000 crore

Livemint
Updated16 Nov 2022, 08:01 PM IST
On Wednesday, shares of Axis Bank closed at  <span class='webrupee'>₹</span>854.65, down 0.44% against the previous close on BSE.
On Wednesday, shares of Axis Bank closed at ₹854.65, down 0.44% against the previous close on BSE.(Bloomberg)

The Central Government has garnered about 3,839 crore from the sale of Axis Bank Ltd shares held by a government investment vehicle, the Specified Undertaking of the Unit Trust of India (SUUTI), the divestment secretary informed on Wednesday.

"Government has received about 3,839 crore from the sale of Axis Bank shares held by SUUTI," the Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey wrote on Twitter.

Last week, the government sold its entire 1.55% stake, representing 46.5 million shares, in Axis Bank held through SUUTI. 

The floor price for the sale was fixed at 830.63 per equity share.

Based on shareholding data available on the BSE, SUUTI held a 1.55% stake in the bank, suggesting it will completely exit this via the offer for sale.

The shareholding was transferred to the investment vehicle in 2003 when a scheme of the Unit Trust of India failed and was bailed out.

At the time, the fund held investments in over 40 firms. It has slowly been exiting these since then.

With the sale of the SUUTI stake, India has mopped up 28,383 crore in divestment receipts. The budget target from disinvestment in the current fiscal (Apr-March) is pegged at 65,000 crore.

On Wednesday, shares of Axis Bank closed at 854.65, down 0.44% against the previous close on BSE.

 

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
First Published:16 Nov 2022, 08:01 PM IST
HomeNewsIndiaCentre receives ₹3,839 cr from Axis Bank stake sale; disinvestment kitty swells

Most Active Stocks

Tata Steel

157.75
03:43 PM | 19 JUL 2024
-8.6 (-5.17%)

Tata Power

414.15
03:59 PM | 19 JUL 2024
-15.85 (-3.69%)

Bharat Electronics

306.30
03:45 PM | 19 JUL 2024
-7.2 (-2.3%)

Zee Entertainment Enterprises

137.55
03:57 PM | 19 JUL 2024
-4.9 (-3.44%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Tata Teleservices Maharashtra

102.11
03:59 PM | 19 JUL 2024
4.68 (4.8%)

Rail Vikas Nigam

614.00
03:59 PM | 19 JUL 2024
27.65 (4.72%)

Jubilant Pharmova

752.25
03:43 PM | 19 JUL 2024
25.3 (3.48%)

One 97 Communications

458.70
03:55 PM | 19 JUL 2024
13.65 (3.07%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    74,925.00-1,347.00
    Chennai
    74,558.00-1,566.00
    Delhi
    75,144.00-389.00
    Kolkata
    74,558.00-531.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.75/L-0.01
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanBudget