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Tuesday
June 2019
11:34 PM IST
News Headlines
Shakib's magnificent 5-wicket haul steers Bangladesh to 62 run win against Afghanistan        Argentina, Uruguay, Peru through to Copa America quarter-finals        US-Iran fears buoy oil prices as focus turns to Trump-Xi talks        Rupee opened flat at 69.58 vs USD in early trade        UK falling behind in race to engage with India, warns UK Parliament inquiry        Australian Islamic State orphans rescued from Syria camp        Death toll from building collapse in Cambodia rises to 24        BJP fields Jaishankar for Gujarat RS seat after he formally joins party        There is culture of disrespecting expertise under the BJP: Cong        BSP to contest all future polls on its own: Mayawati        RBI Deputy Governor Viral Acharya quits 6 months before his term ends        BJD MLA arrested for forcing engineer to do sit-ups        'Kesari' to release in Japan on August 16        BSP to contest all future polls on its own: Mayawati        No locus standi: India on US religious freedom report        14 killed, about 50 injured as pandal collapses during religious programme in Rajasthan''s Barmer        Special status for Andhra: YSR Congress unlikely to accept Lok Sabha Dy Speaker''s post        Sirisena demands repealing of 19th Amendment, blames it for political instability        Boris Johnson should give ''explanation'' for home row        Ethiopia army chief, local officials killed amid regional ''coup'' bid        
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Business News
Govt aims to fetch Rs 5,316 cr through part-sale of Axis Bank stake
 
(New Delhi, Feb 12, 2019): The government will sell part of its stake in Axis Bank held through SUUTI to raise up to Rs 5,316 crore starting Tuesday, according to a filing. The offer for sale of up to three per cent would be for two days from February 12 and is part of the government''s disinvestment programme through which it aims to raise Rs 80,000 crore in the current fiscal.

"The Specified Undertaking of the United Trust of India (seller) proposes to sell up to 50,759,949 (1.98 per cent) equity shares of Axis Bank (base offer size) on February 12, 2019," Axis Bank said. The floor price for the offer has been fixed at Rs 689.52 per share. It is lower than the Monday closing price of Rs 710.35 apiece on the BSE. Shares held by SUUTI, a promoter entity of Axis Bank, would be offloaded through the sale.

The sale would be open for non-retail investors on Tuesday and retail investors can put in their bids on Wednesday. As per the filing, the government would also have the option to sell an additional 26,337,187 shares or 1.02 per cent stake in case of over subscription.

SUUTI, which was created to take over part of the assets and liabilities of the now defunct Unit Trust of India (UTI), owned 9.56 per cent stake in Axis Bank at the end of December 2018. In the 10 months of the current fiscal, Rs 36,000 crore has been raised through stake sale in CPSEs, as well as through tranches of Exchange Traded Funds (ETFs) and share buybacks.


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KERALA NEWS
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INTERNATIONAL NEWS
UK falling behind in race to engage with India, warns UK Parliament inquiry
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NATIONAL NEWS
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BJD MLA arrested for forcing engineer to do sit-ups
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