Bid to sell SUUTI stake in Axis off to a good start
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(Bloomberg)
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The Centre’s bid to sell a majority part of its residual stake in Axis Bank got off to a good start with the issue opening for non-retail investors on Wednesday and being over-subscribed four times the base size.
“Offer for Sale of SUUTI shares in Axis Bank got good response on day one. Issue subscribed over 4 times of base size at a clearing price above the floor price by non-retail investors. SUUTI has decided to exercise the green shoe option. Retail investors get chance to bid tomorrow, disinvestment secretary Tuhin Kanta Pandey tweeted.
Synopsis
Through the two-day offer for sale (OFS), the government sold around 5.80 crore shares or 1.95 per cent stake held in Axis Bank through the Specified Undertaking of the Unit Trust of India (SUUTI) at a floor price of Rs 680 a share.
Agencies
At the cut off price of Rs 701 a share, the 1.95 per cent stake sale fetched around Rs 4,000 crore to the exchequer.
The government has raised about Rs 4,000 crore from sale of 1.95 per cent stake in Axis Bank held through SUUTI, DIPAM Secretary Tuhin Kanta Pandey said on Thursday. The OFS of Axis Bank got good response from investors with SUUTI garnering about Rs 4,000 cr (subject to reconciliation). Thanks to all for their participation, the Department of Investment and Public Asset Management (DIPAM) secretary tweeted.
Axis Bank: OFS of SUUTI oversubscribed four times on Day 1
Premium
Read Full Story
The centre’s bid to sell a majority part of its residual stake in Axis Bank got to a good start with the issue opening for non-retail investors on Wednesday getting over-subscribed four times of base size.
“Offer for Sale of SUUTI shares in Axis Bank got good response on day one. Issue subscribed over 4 times of base size at a clearing price above the floor price by non-retail investors. SUUTI has decided to exercise the green shoe option. Retail investors get chance to bid tomorrow, disinvestment secretary Tuhin Kanta Pandey tweeted.
Why is rupee the second-best performer in Asia?
The central bank is suspected to have intervened through select state-owned banks to prevent a further climb immediately.
Synopsis
Rupee appears to be unwavering through the raging viral wave, seemingly negating the dystopian narrative about an economy under siege.
MUMBAI: Covid stats now grab a lot of column inches in broadsheets of every description – and they are bound to sway even the diehard optimist in India. Yet, its currency appears to be unwavering through the raging viral wave, seemingly negating the dystopian narrative about an economy under siege.
The causes behind the rupee’s recent outperformance relative to its Asian peers are many. But it owes its ‘second-best’ tag in the region this month