Fi­nance Min­istry may sell part of SUUTI hold­ing in Axis Bank, ITC

The Hitavada - - MONEY -

New Delhi, Jan 13 (PTI)

THE Fi­nance Min­istry may con­sider sell­ing part of its stake in Axis Bank and ITC, held through SUUTI, in next few months, an of­fi­cial said.

As on Septem­ber 30, 2018, Spec­i­fied Un­der­tak­ing of Unit Trust of In­dia (SUUTI) held around 9.63 per cent stake in Axis Bank, 7.97 per cent in ITC and 1.80 per cent in L&T.

While the Gov­ern­ment is wait­ing for L&T to launch a buy­back of­fer to ten­der its shares; for hold­ing in Axis Bank and ITC, it would con­sider off-mar­ket deals, an of­fi­cial said. “We are open to sell­ing stake in Axis Bank and ITC through bulk or block deals. It all de­pends on the valu­a­tion,” the of­fi­cial told PTI.

Shares of Axis Bank set­tled at Rs 666.50, up 0.53 per cent, while ITC was up 2.02 per cent at Rs 295.40 at close of mar­ket hours on Jan­uary 11.

A bulk deal is a deal in which more than 0.5 per cent of the to­tal num­ber of shares of a listed com­pany are sold or bought by a sin­gle in­vestor in the open mar­ket.

In a block deal, two par­ties make a trans­ac­tion in­volv­ing shares worth at least Rs 5 crore.

Block deal trans­ac­tions are con­ducted in a sep­a­rate trad­ing win­dow.

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