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Saturday, March 22, 2014

UPA II Govt Divests 9% Stake in Axix Bank Friday March 21,2014


The UPA II Govt on Friday March 21,2014 sold its 9 % stake in Axis Bank, the third largest private sector bank in the country, through a block deal in a price range of Rs.1,313-1,341 per share. 

This sale is expected to garner around Rs.5,500 crore with a sale of 4.20 crore shares held by the government through Specified Undertaking of UTI (SUUTI) in Axis Bank. 

SUUTI, formed in 2003, is an offshoot of erstwhile UTI, held 20.72 % in Axis Bank.

 Following Friday’s deal, SUUTI’s holding will come down to 11.72%in Axis Bank. 

Shares of Axis Bank closed 2.69 % higher at Rs.1,393.40 on the BSE.

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