About 10 percent of the offer size will be reserved for retail investors.
The Specified Undertaking of Unit Trust of India (SUUTI) will sell up to 3 percent stake in Axis Bank. The floor price has been 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.
A total of 50,759,949 equity shares with a face value of Rs 2 or 1.98 percent equity will be on offer with an option to sell an additional 26,337,187 shares or 1.02 percent of the equity in case of oversubscription.
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.