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Govt to sell entire 1.55% stake in Axis Bank via OFS on Nov 10-11

The federal government, via the Specified Enterprise of the Unit Belief of India or SUUTI, would promote 46.5 million shares or complete 1.55% stake in personal lender Axis Bank for 2 days on November 10-11 via an OFS at a flooring worth of Rs 830.63.

As a lot as 10% of the OFS has been reserved for retail buyers, who intend to bid for no more than Rs 2 lakh within the OFS. They’d be allowed to put their bids on November 11.

A retail investor can bid at any worth above the ground worth. “In case of oversubscription within the retail class, if the combination variety of supply shares bid for at a selected clearing worth/cut-off worth, because the case could also be, is greater than the accessible variety of fairness shares at such worth, then the allocation for such bids might be achieved on a proportionate foundation,” SUUTI stated in an alternate submitting.

A minimal of 25% of the supply shares shall be reserved for mutual funds and insurance coverage corporations. ICICI Securities, Citigroup and Morgan Stanley have been appointed as brokers for the OFS.

Earlier within the month, American personal fairness main Bain Capital had offered 0.5% stake via a bulk deal in

for Rs 1,487 crore.

Shares of the lender, which has jumped over 12% within the final one month, ended flat at Rs 874.35 on BSE in the present day.

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