Govt Exiting Axis Bank; Check How Much Amount Centre Is Expected To Receive

The central government, through the Specified Undertaking of the Unit Trust of India (SUUTI), is planning to sell 4.65 crore shares representing 1.55 per cent stake in Axis Bank. With the latest sale, the government will completely exit the private sector lender.

On the total number of shares being offered, Axis Bank in a BSE filing said, “Up to 4,65,34,903 equity shares, representing up to 1.55 per cent of the total paid-up equity share capital of the company as of September 30, 2022, excluding equity shares underlying depository receipts.”

At the current market price (about Rs 875), the Centre is expected to realise about Rs 4,000 crore from the share sale.

In May last year, the government sold a 1.95 per cent stake in Axis Bank held through SUUTI for a consideration of about Rs 4,000 crore.

Dates and Time Of the Opening and Closing Of the Sale Offer

The offer shall take place on a separate window of the stock exchanges on November 10 and November 11 between 9:15 am 3:30 pm on both days, according to the regulatory filing.

According to the filing, 10 per cent of the offer shares shall be reserved for allocation to retail investors. A retail investor may bid at any price above the floor price and/or bid at a cut-off price.

It added that only non-retail investors shall be allowed to place their bids on T-day (November 10). While placing their bids, non-retail investors may indicate their willingness to carry forward their un-allocated bids to T=1 day for allocation to them in the unsubscribed portion of the retail category.

“Only retail investors shall be allowed to place their bids on T=1 day i.e., November 11, 2022. Further, those non-retail investors who have placed their bids on T-day and have chosen to carry forward their unallocated bids to T=1 day, shall be allowed to revise their bids on T=1 day as per OFS guidelines,” it said.

According to the filing, the allocation will be at or aboce the floor price on a price priority basis at multiple clearing prices in accordance with the OFS guidelines. “The indicative price for the non-retail category shall be displayed separately. There shall be no indicative price for the retail category.”

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