Axis Bank’s retail OFS portfolio of 5.8 million shares receives only 28% subscription

Axis Bank’s (OFS) sales offer retail quota only managed to garner 28% subscription. A total of 5.8 million shares has been reserved for retail investors – those who invest up to Rs 2.00.00. However, they only offered 1.66 million shares, according to data provided by the exchanges. The unsubscribed portion of the OFS will be allocated to non-private investors. A day earlier, they had offered 2.6 times the offered shares. Most retail offers came in at Rs 703. Shares of Axis Bank closed at Rs 706, down 1.5 percent.

Through the OFS, the government sold 1.95 percent of the stake in Axis Bank held by the specified company of the Unit Trust of India (SUUTI). Following the sale of the stake, Suuti’s stake fell to 1.5 percent in the private sector lender.

The government will be able to raise just over Rs 4,000 crore through the sale of shares. The amount raised from the sale of the shares will go to the 2021-2022 government divestment fund. The center has set the divestment target for the current budget at 1.75 trillion rupees.

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