The floor price was set at Rs 689.52 per share, roughly a 3 percent discount to the February 11 closing price of Rs 710.35 per share
The offer for sale of Axis Bank, where SUUTI is selling 3 percent stake in the lender, was subscribed 1.15 times so far, data according to the NSE has revealed.
Out of a base issue size of 4,56,83,954, bids to the tune of 5,26,08,848 shares were received.
On February 11, the Specified Undertaking of Unit Trust of India (SUUTI) said that it will sell up to 3 percent stake in Axis Bank. The floor price was set at Rs 689.52 per share, roughly a 3 percent discount to the February 11 closing price of Rs 710.35 per share.
The government is expected to raise Rs 5,316 crore according to a filing.
The offer will open on February 12 for non-retail investors while bidding for retail investors and non-retail investors who choose to extend their un-allotted bids will be on February 13.
About 10 percent of the offer size will be reserved for retail investors.SUUTI, which was created to take over part of the assets and liabilities of the now-defunct Unit Trust of India (UTI), owned 9.56 percent stake in Axis Bank at the end of December 2018.