India receives $472mln from sale of Axis Bank shares

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The government sold its entire 1.55% stake, representing 46.5mln shares, in Axis Bank held through Specified Undertaking of the Unit Trust of India (SUUTI)

Shivam Patel and Nikunj Ohri, Reuters News

November 16, 2022

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NEW DELHI - The Indian government has received about 38.39 billion rupees ($472.1 million) from the sale of Axis Bank Ltd shares held by a government investment vehicle, the divestment secretary wrote on Twitter on Wednesday.

The government sold its entire 1.55% stake, representing 46.5 million shares, in Axis Bank held through Specified Undertaking of the Unit Trust of India (SUUTI).

The floor price for the sale was fixed at 830.63 rupees per share.

With this sale, India has mopped up 283.8 billion rupees in divestment receipts, against the target of 650 billion rupees for 2022/23.

($1 = 81.3170 Indian rupees)

(Reporting by Shivam Patel and Nikunj Ohri in New Delhi; Editing by Kirsten Donovan and Tomasz Janowski)

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