The Government of India has received around Rs 38.39 billion, i.e., $472.1 million, from the sale of Axis Bank Ltd shares held by Specified Undertaking of The Unit Trust of India (SUUTI) -- a government investment vehicle, the divestment secretary wrote on Twitter on November 16.
The government has garnered about Rs 3,839 crore by selling a 1.5 percent stake in Axis Bank, which it held through SUUTI.
The floor price for the offer was Rs 830.63 per equity share.
"Government has received about Rs 3,839 crore from the sale of Axis Bank shares held by SUUTI," the Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey said.
Shares of Axis Bank closed at Rs 854.65, down 0.44 percent against the previous close on BSE.
With the sale of the SUUTI stake, the disinvestment proceeds mopped up so far this fiscal increased to Rs 28,383 crore. The budget target from disinvestment in the current fiscal (Apr-March) is pegged at Rs 65,000 crore.
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