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Govt to divest holdings in Axis,L&T, ITC (1)   02-May-08 16:38Tracked by (0)  
Posted by:   rvk41 on ( 02-May-08 16:38 )
The government is planning to raise Rs 90 billion via the sale of its 27.12% stake in Axis, as well as stakes in L&T and ITC through private placements to institutions, reports Economic Times.

The government is reportedly veering round to the view that the process should be carried out in a phased manner, beginning with Axis Bank. However, the stake will not be sold to a single investor but will be sold in the secondary market or offer for sale, with preference given to institutional sale.

Earlier, the government had asked the SUUTI board to chalk out the modalities for the sale of blue chips and the undertaking was formed after the split of Unit Trust of India following the US-64 fiasco

For information,with regards
rvk41
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