February 11, 2019 / 2:20 PM / 11 days ago

India plans Axis Bank stake sale to raise up to $748 mln

Feb 11 (Reuters) - India’s government plans to sell a stake of up to 3 percent in Axis Bank Ltd in an offer that could raise up to 53.16 billion rupees ($747.8 million).

The government, which holds a 9.56 percent stake in the private sector lender through state-owned Specified Undertaking of the Unit Trust Of India (SUUTI), will sell up to 50.8 million shares, or a 1.98 percent holding, to non-retail investors on Feb. 12, SUUTI said in a filing here to the stock exchanges.

Retail and non-retail investors will have an option to buy an additional 26.3 million shares, or 1.02 percent, of Axis Bank on Feb. 13.

The sale will have a floor price of 689.52 rupees per share. Axis Bank shares closed down 1.2 percent at 710.85 rupees on Monday. ($1 = 71.085 Indian rupees) (Reporting by Chris Thomas in Bengaluru; Editing by James Emmanuel)

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