The stake sale of Specified Undertaking of UTI (SUUTI) in Axis Bank, which is part of the government's disinvestment process, is likely to take place through block trade, sources tell CNBC-TV18. Sale of 10 percent government stake in Indian Oil Corporation to ONGC and Oil India may also be done via block deal.
The government has budgeted Rs 14,000 crore by way of residual stake sale in companies in which it does not hold a majority stake. SUUTI has appointed three merchant bankers JP Morgan, Citigroup Global Markets and JM Financial Consultants for sale of its stake in Axis Bank.
Meanwhile, the Cabinet Committee of Economic Affairs (CCEA) has approved selling government’s stake in Hindustan Zinc and Balco as well, valuation of which may be done by either the mines ministry or the department of divestment.
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