Axis Bank share sale under SUUTI fetches Rs 38.4 billion for govt.

Axis Bank share sale under SUUTI fetches Rs 38.4 billion for government

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 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.

IndusLaw advised and represented ICICI Securities, Citigroup, and Morgan Stanley India (together the “Brokers”) in relation to offer for sale of the equity shares of Axis Bank Limited by Specified Undertaking of the Unit Trust of India. The IndusLaw team comprised of Partners Manan Lahoty and Manshoor Nazki, and Principal Associate Priyadarshini Rao. Sidley Austin represented as legal counsel to the brokers as to U.S laws.

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