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SUUTI to Sell its Stake in Axis Bank

Published on November 12, 2022
Current Context: The investment vehicle of the Government of India (GoI), Specified Undertaking of the Unit Trust of India (SUUTI) is set to sell its shares in Axis Bank.
SUUTI to Sell its Stake in Axis Bank
  • The GoI will sell 46.5 million shares of SUUTI in Axis Bank representing 1.55% of its equity stake.
  • The two-bidding process through an Offer for Sale (OFS) for the stocks was completed on 11th November 2022 for both retail and non-retail investors.
  • The floor price was kept at INR 830.63 per share and bids came at an indicative price of INR 840.80 per share.
  • On behalf of the government, Citigroup Global Markets India, ICICI Securities, and Morgan Stanley India will act as brokers.
  • The GoI is expected to raise around INR 4,000 crores by selling the stakes.
  • Axis Bank Limited is a banking company that was established in 1993 with its headquarters in Mumbai. The current CEO of the bank is Amitabh Chaudhry.

Question:

Q.1 The Government of India recently decided to sell all of the stakes of SUUTI in?
a. Axis Bank
b. Bank of Maharashtra
c. ITC
d. ICICI
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