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India seeks to sell stake in Axis Bank by month-end
March 14, 2014 / 8:38 AM / 4 years ago

India seeks to sell stake in Axis Bank by month-end

MUMBAI, March 14 (Reuters) - India is aiming to raise 30-40 billion rupees ($490.68-$654.24 million) via the sale of a stake held by a state-run trust fund in Axis Bank by month-end, Alok Tandon, joint secretary in the Department of Disinvestment said on Friday.

India holds a 20.7 percent stake in Axis Bank via a trust fund called Specified Undertaking of the Unit Trust of India (SUUTI).

Axis Bank shares were down 3 percent by 0821 GMT, compared with a 0.8 percent fall in the broader NSE index. ($1 = 61.1400 rupees) (Reporting by Himank Sharma; Additional reporting by Manoj Kumar; Editing by Anand Basuin NEW DELHI)

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