IndiaCatalog.com
India News
Search Web Directory
News Home
Govt to sell up to 3% stake in Axis Bank to meet Rs 80,000 cr disinvestment target
Posted on 12th February 2019
The finance ministry through the Specified Undertaking of the Unit Trust of India (SUUTI) will sell up to a 3% stake in Axis Bank through the offer-for-sale (OFS) mechanism on Tuesday and Wednesday, the bank said in a notification to exchanges on Monday. The floor price for the offer would be Rs 689.52 per share. Axis Bank’s shares ended 1.1% lower than their previous close at Rs 710.35 on the BSE on Monday.

“The Specified Undertaking of the Unit Trust of India (SUUTI) proposes to sell up to 50,759,949 (1.98%) equity shares of face value of Rs 2 each of Axis Bank (the “company”) (“base offer size”), on February 12, 2019 (“T day”), (for non-Retail Investors only) and on February 13, 2019 (“T+1 day”) (for retail investors and non-retail investors who choose to carry forward their un-allotted bids) with an option to additionally sell 26,337,187 (1.02%) equity shares of the company,” the notification stated.

At the end of December 2018, Suuti held a 9.56% stake in Axis Bank. The OFS is part of the government’s move to meet its disinvestment target of Rs 80,000 crore for FY19.

In the Interim Budget speech, finance minister Piyush Goyal had stated that the disinvestment target for the current fiscal would be achieved. Of the receipts so far, Rs 25,325 crore, or 63%, came through exchange-traded funds (ETFs). At least Rs 14,000 crore is assured from the proposed Power Finance Corporation’s purchase of the Centre’s 52.63% stake in Rural Electrification Corporation for which the Cabinet has already given in-principle approval.

Of the Rs 12,000 crore expected from buybacks by public-sector undertakings (PSUs), the Centre has already mopped up about Rs 4,000 crore and the remaining Rs 8,000 crore would flow in by March. The companies that will undertake buybacks include ONGC, Coal India, Indian Oil and Oil India.

Related Companies: Axis Bank   

Other Latest News
Not 1 or 2, all 22 rifles fail to fire during gun salute to former Bihar CM Jagannath Mishra
Posted on 22nd August 2019
While former Bihar chief minister Jagannath Mishra mortal remains were being cremated with full state honour, 22 rifles carried by police personnel failed to fire a single shot on Wednesday.

Mishra's cremation took place at his ancestral village in Supaul district and it was attended by state Chief Minister Nitish Kumar, Deputy Chief Minister Sushil Kumar Modi, state Health Minister Mangal Pandey, among others.


Kia Motors makes India debut, launches Seltos SUV starting of Rs 9.69 lakh
Posted on 22nd August 2019
Korean auto major Kia Motors on Thursday made its debut in India with the launch of an SUV, Seltos, at an introductory price of Rs 9.69 lakh.

Seltos, a mid-sized SUV, is manufactured at the carmaker's Ananthpur plant in Andhra Pradesh. The model comes in both petrol and diesel variants.


Something grave happening in J&K that the government is trying to hide: Ghulam Nabi Azad
Posted on 22nd August 2019
Nine opposition parties on Thursday participated in a protest organised by the Dravida Munnetra Kazhagam, demanding the immediate release of political leaders detained in Kashmir.

“We must recognise that this is no democracy. If we fail to understand this, then we are living in a fool’s paradise,” former Chief Minister of J&K and Leader of Opposition in the Rajya Sabha Ghulam Nabi Azad said.


Govt using CBI, ED as 'revenge-seeking' units: Cong on Chidambaram's arrest
Posted on 22nd August 2019
The Congress on Thursday came down heavily on the BJP government over the arrest of P Chidambaram, accusing it of using the CBI and the ED as "personal revenge-seeking departments".

Senior Congress leader and former Finance Minister Chidambaram was arrested last night amid high drama by the CBI and he spent the night at a agency guest house.


Akshay Kumar 4th on Forbes highest-paid actors list, Dwayne Johnson on top
Posted on 22nd August 2019
National Award-winning actor Akshay Kumar has made it to the fourth position on the Forbes magazine's Worlds Highest-Paid Actors Of 2019 list.

According to the list on forbes.com Akshay has raked in $65 million.

Hollywood star Dwayne 'Rock' Johnson tops the Forbes list of the 10 highest-paid actors, collecting $89.4 million between June 1, 2018, and June 1, 2019.


» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for Govt to sell up to 3% stake in Axis Bank to meet Rs 80,000 cr disinvestment target
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for Govt to sell up to 3% stake in Axis Bank to meet Rs 80,000 cr disinvestment target

Most Read News

Sensex sinks over 300 points; metal, auto stocks drag

Tata Motors to take third plant closure

Fitch Ratings raises Reliance's outlook to positive

Coal India’s 54 mining projects facing delays

Kotak Mahindra Bank revises fixed deposit rates. Latest FD rates here

More India News

  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2019 IndiaCatalog.com
    All Rights Reserved
Privacy Statement