Axis Bank Stocks: The government is going to exit the private sector Axis Bank. The government plans to sell its 1.55 percent stake. 4.65 crore shares in the bank. A specified undertaking of the Unit Trust of India (SUUTI) under the central government is planning to sell a 1.55 percent stake in Axis Bank. With this transaction, the government will sell off all of its stock in the private sector bank.
As of September 2022, SUUTI owned 4,65,34,903 shares, representing a 1.55 percent interest in Axis Bank. At the current market price, the government anticipates receiving about Rs 4,000 crore from the sale of shares. In comparison to the previous BSE closing, Axis Bank shares on Wednesday ended the day 0.17 percent higher at Rs 874.35.
The government sold its 1.95 percent share in Axis Bank Stocks through SUUTI in May last year for roughly Rs 4,000 crore. “On the first day of the offer on November 10, only non-retail investors will be allowed to place their bids,” the exchange filing said. On November 11, only retail investors will be allowed to submit bids. Only Mutual Funds registered under SEBI and Insurance companies under IRDAI will be allotted more than 25% of the OFS.
On behalf of the seller, ICICI Securities, Citigroup Global Markets India, and Morgan Stanley India will act as brokers. A week ago, US private equity major Bain Capital sold a 0.54 percent stake in Axis Bank for Rs 1,487 crore through the open market transaction. Let us tell you that in the quarter of September 2022, Axis Bank had a great performance. Its net profit jumped 70 percent to Rs 5,330 crore. The bank’s net interest income grew 31 percent to Rs 10,360.3 crore and the net interest margin stood at 3.96 percent, an increase of 57 basis points year-on-year.
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