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Govt to sell 3% Axis Bank stake via OFS; all you need to know

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The government on Tuesday will come out with an offer for sale (OFS) for its Axis Bank stake held through the Specified Undertaking of Unit Trust of India (SUUTI). The SUUTI plans to sell up to 5 crore shares of face value Rs 2 each of the private lender. The floor price has been set at Rs 689..52 per share.

The Specified Undertaking of the United Trust of India (the “Seller”) proposes to sell up to 50,759,949 (1.98%) equity shares of face value of Rs. 2 each of AXIS Bank Ltd (the “Company”) (“Base Offer Size”), on February 12, 2019 (“T day”), (for non-Retail Investors only) and on February 13, 2019 (“T+1 day”) (for Retail Investors and non-Retail Investors who choose to carry forward their un-allotted bids) with an option to additionally sell 26,337,187(1.02%) equity shares of the Company . , Axis Bank said in a regulatory filing.

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The offer will take place on a separate window of the stock exchanges on February 12, 2019 (T day) and February 13, 2019 (T+1 day) from 9:15 am to 3:30 pm on both days, it also said.

Non-retail Investors:

Non-Retail Investors can place their bids only on the T day. While placing their bids the non-Retail Investors may indicate their willingness to carry forward their unallotted bids to T+1 day for allocation to them in the unsubscribed portion of retail category. The non-retail Investors who have placed their bids on T day and have chosen to carry forward their un-allotted bids to T+1 day, shall be allowed to revise their bids on T+1 day as per the OFS Guidelines.

Retail Investors:

Retail Investors will be allowed to place their bids on February 13, 2019 (T+1 day). The floor price for the offer will be Rs 689.52 per equity share of the company.