Market

Axis Bank’s Rs 4,000-crore OFS subscribed over 2x by non-retail segment

The Rs 4,000-crore share sale in personal sector lender Axis Bank on Wednesday was subscribed greater than two instances. The 52.27-million-share supply on the market (OFS) noticed bids for practically 135 million shares from non-retail buyers, information supplied by stock exchanges confirmed. Most bids got here in at Rs 701.6 as in opposition to ground value of Rs 680 per share. Shares of Axis Bank closed at Rs 714 on the NSE.

About 5.8 million shares reserved for retail buyers will likely be auctioned on Thursday.

Following the OFS the federal government’s stake in Axis Bank—held by the Specified Undertaking of the Unit Trust of India (SUUTI)—will drop from 3.45 per cent to 1.5 per cent. In December 2020, the centre had offloaded a 0.88 per cent stake in Axis Bank.

The quantity raised via the share sale will go in the direction of the federal government’s 2021-22 disinvestment kitty. The centre has set the disinvestment goal for the present fiscal at Rs 1.75 trillion.

Shares of Axis Bank have gained 15.5 per cent this year.

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