The government is all set to pave the way for SUUTI's Axis Bank stake sale today, reports CNBC-TV18, quoting sources. A couple of years back the government had taken a decision whereby SUUTI’s entire portfolio—comprising of Axis Bank, L&T and ITC—would be transferred to an asset management company. It would be then leveraged for funding to banks etc.
Sources say the CCEA is going to take up a proposal to reverse this decision today. The government intends to sell about 12-13 percent of its Axis Bank stake in SUUTI. This sale will fetch it about Rs 6000 crore which will help it get close to Rs 54,000 crore divestment target.
The Specified Undertaking of UTI (SUUTI) stake sale is likely to take place next month.
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