Government has launched its sale offer on a 9% stake in Axis Bank
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Government has decided to launch its sale offer on a 9 per cent stake in Axis Bank Ltd. This can raise up to $935 million in its stake sale.
This initiative has been taken up to raise revenues,in order to meet its revised fiscal deficit target of 4.6 per cent of gross domestic product in the financial year ending on March 31.
The government holds around 20.7 per cent of Axis Bank, India's third largest private sector bank by assets, via a trust fund called Specified Undertaking of the Unit Trust of India . The indicative price band for the Axis Bank share sale has been set at roughly 1,290 rupees to 1,357 rupees a share.
( Source : reuters )
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