Feb 11 (Reuters) - India's government plans to sell a stake of up to 3 percent in Axis Bank Ltd AXBK.NS in an offer that could raise up to 53.16 billion rupees ($747.8 million).
The government, which holds a 9.56 percent stake in the private sector lender through state-owned Specified Undertaking of the Unit Trust Of India (SUUTI), will sell up to 50.8 million shares, or a 1.98 percent holding, to non-retail investors on Feb. 12, SUUTI said in a filing https://www.bseindia.com/xml-data/corpfiling/AttachLive/5E5EAF03_A544_4C84_92CE_50D85C48827A_183048.pdf to the stock exchanges.
Retail and non-retail investors will have an option to buy an additional 26.3 million shares, or 1.02 percent, of Axis Bank on Feb. 13.
The sale will have a floor price of 689.52 rupees per share. Axis Bank shares closed down 1.2 percent at 710.85 rupees on Monday. ($1 = 71.085 Indian rupees)
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