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Govt Planning To Sell Entire Stake In ITC, Axis Bank: Report

By Staff

The government is reportedly looking to raise Rs 22,000 crore by selling its entire stake of 7.94 pecent in ITC Ltd and 4.69 percent in Axis Bank, through the Specified Undertaking of the Unit Trust of India (SUUTI) in a bulk deal on the stock exchanges.

An Economic Times report citing sources said that the government is hoping to complete the transaction by the end of this week or early next week.

Shares of ITC Ltd were trading 6 percent lower on Wednesday, Axis Bank fell over 3 percent before recovery.

Govt Planning To Sell Entire Stake In ITC, Axis Bank: Report
ITC: Quotes, News
BSE 166.75BSE Quote2.15 (1.29%)
NSE 166.50NSE Quote1.85 (1.11%)
Axis Bank: Quotes, News
BSE 364.00BSE Quote24.65 (-6.77%)
NSE 364.40NSE Quote24.15 (-6.63%)

Sources told ET that various mutual funds and LIC are expected to participate in the proposed share sale which will likely be made at a marginal discount of 2-3 percent to underlying trading price on the transaction date.

SUUTI has minority stakes in 51 listed and unlisted companies, with most of its value locked in Axis Bank, ITC and L&T, it noted. The entire stake in L&T has already been sold.

For the current fiscal, the government has a disinvestment target of Rs 2,10,000 crore which includes Rs 90,000 crore from the sale of a minority stake in Life Insurance Corp (LIC) through an initial public offer (IPO) and equity sale in IDBI Bank.

Read more about: itc axis bank disinvestment
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